Business Daily from THE HINDU group of publications
Wednesday, Oct 18, 2006
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Business Daily from THE HINDU group of publications Wednesday, Oct 18, 2006 ePaper |
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Corporate
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Overseas Borrowings Web Extras - Entertainment & Leisure DQ Entertainment to raise $100 m Our Bureau
Hyderabad , Oct 17 DQ Entertainment Ltd, a Hyderabad-based animation, visual effects and gaming solutions company, has decided to raise $100 million soon for expansion. "We are toying with various options, including raising funds from the public," said Mr Tapaas Chakravarti, Managing Director and CEO. The company plans to invest $30 million in hardware and software development. Speaking to newspersons on Tuesday after opening an exclusive gaming development facility for the UK-based Electronic Arts, Mr Chakravarti said that the company would take a decision next month in this regard. On expansion plans, he said that the company would set up a facility in Hi-Tec City to house its activities, included training facilities.
"By 2008, we will have a workforce of 6,000," he said. Currently, the company employs 2,500 people. The company has six facilities in India and the Philippines.
Keeping in mind the unfolding opportunities in animation industry, the Andhra Pradesh Government is contemplating a 100-acre `Animation City' to house all animation development and training facilities in the State capital.
Speaking to newspersons on Tuesday, Ms Ratna Prabha, Secretary (IT), said that the fledgling industry needed a focused approach.
"Currently, they have been operating from different facilities. It will help them if they all operate at one place. We are working on it."
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