The Hindu Business Line : Sony Imageworks picks up 50.1% stake in FrameFlow

(From left) Mr Hitesh Shah, Co-founder, FrameFlow Imageworks India; Ms Jenny Fulle, Executive Vice-President, Sony Pictures Imageworks; and Mr Abhaya Kumar, Managing Director, FrameFlow's Indian Operations, at a press conference in Chennai on Tuesday. — Bijoy Ghosh

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Chennai Feb. 20 The US-based Sony Pictures Imageworks has picked up a 50.1 per cent stake in FrameFlow, a Chennai-based company that provides `special effects' services for film production. At a press conference, Sony declined to divulge the amount involved, but it is understood to have paid $5 million (Rs 22 crore) for the stake.

Consequent upon the acquisition, FrameFlow is to be renamed Imageworks India. FrameFlow was founded three years ago by the promoters of Shasun Chemicals, the Chennai-based pharma company. FrameFlow has worked with Sony earlier, on movies such as Click, Ghost Rider and Spider-Man 3.

Ms Jenny Fulle, Executive Vice-President, Sony Pictures Imageworks, and now the co-Managing Director of Imageworks India, said Sony was happy with the quality of work done at Chennai and would use Imageworks India more.

Ms Fulle said Imageworks India expected revenues of $20 million (Rs 90 crore) over the next three years. Imageworks India has about 80 employees, including about 20 animators.

"To accommodate anticipated expansion, the company will relocate to a larger office in Chennai with a seating capacity of up to 300," Ms Fulle said.

More Stories on : Mergers & Acquisitions | Entertainment & Leisure

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