Annapurna Studios, promoted by film actors Akkineni Nagarjuna and his father Nageshwara Rao, has invested Rs 100 crore to develop one-lakh sq ft facility with international production and post-production facilities.
One of the oldest studios in the South, Annapurna has set its eyes on tie-ups with Hollywood and Bollywood film production houses to bring production houses to Hyderabad. The new facilities would be opened for shootings in a few weeks.
“We are getting enquiries from global and Indian production houses. India has already caught the attention of international production houses as a cheaper destination. Rentals and compensation are lower,” Mr Nagarjuna, Managing Director of Annapurna Studios, said. Promoters spent Rs 25 crore and borrowed Rs 75 crore from banks to fund the new blocks with five studios, taking the total to 10.
Started in 1976, Annapurna is an anchor studio in Hyderabad with 22-acres of space and helped Telugu film industry shift to Andhra Pradesh from Tamil Nadu. The studios registered a turnover of Rs 45 crore last year.
“We have ramped up the studio to meet the requirements of film production in a digital era. One can come here with a concept to go out with the can (the final product),” he said. “We can upload content onto the cloud (IT storage space that can be rented virtually). This can be accessed by various people involved in film production from any city,” the actor said.