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MUMBAI:
Former founder chairman and managing director of Adlabs Films
Ltd. Manmohan Shetty and Centrum Capital promoter Chandir
Gidwani have picked up a majority stake in animation training
company Frameboxx Animation and Visual Effects.
Frameboxx,
which has already set up 22 centres across the country, will
need a capital investment of $8-10 million (Rs 320-400 million)
over three years as it plans to step up to a presence of 60
centres. The company also plans to add more verticals to its
portfolio such as online training and DVDs to diversify its
reach in the market and to provide a 360 degree animation
and VFX training experience to its students.
Shetty's
and Gidwani's investment commitment would be in the region
of Rs 200-250 million over three years, it is reliably learnt.
The
newly constituted board of Frameboxx will consist of the founders
Rajesh Turakhia as its MD and Naveen Gupta as the ED and CEO.
"Out
of the 60 centres, we will be directly owning 12 centres.
The remaining will be through the franchisee route where we
will have a revenue share," says Turakhia.
The
net revenue after two years is expected to be Rs 300 million.
For
attracting students, Frameboxx has inaugurated its incubation
facility in Versova, Mumbai, which would provide hands-on
experience to the Frameboxx students after completion of their
course, to work on live projects. Frameboxx is also tying
up with HDFC Bank to provide loans for its students.
"This
incubation centre is the first-of-its kind in the country
and has been set up at a cost of Rs 50 million. Three more
would be established very soon - one each in Delhi, Bangalore
and Kolkata," says Gupta.
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