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HYDERABAD: Picasso Digital Media Pvt Ltd has announced plans to set up two animation education and production facilities in Hyderabad and Delhi with an investment of $9 million in the next five years.

Mr A.B.R.P. Reddy, Managing Director, said the company planned to tap the rich mythological and folk content in India.He was in the city to announce the plans for Hyderabad.

"We are aiming at revenues to the tune of $15 million by 2010," he said. The initial intake was 60 each in Hyderabad and Delhi. The company has tied up with the Maharshi group, which runs five television channels, and Rayudu Vision Media.

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