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HYDERABAD: Color Chips has informed the BSE that the board of directors at a meeting held on May 26 has resolved to open a wholly owned subsidiary in Philippines.

This subsidiary is being established to locate a overseas production centre to augment its current development and production capacity for entertainment software. The board also resolved to make a formal application to the Reserve Bank of India (RBI) in this regard.

Meanwhile, the company recruited a batch of 50 consultants in Philippines to supervise its current projects and help its 400-member team to complete them on schedule.

It has decided to establish the overseas subsidiary to augment its manpower requirements for timely completion of the ongoing projects.

During the last four quarters, the company bagged several overseas contracts. It is currently working on two animation series - one for Benj Productions, France and another for BKN Studios, Germany and work on two new projects is scheduled to commence in September 2004.

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