GV Films signs MoU with Delhi firm

GV Films Ltd has informed that the board of directors of the company, at its meeting held on February 10, 2006, has considered and approved the memorandum of understanding (MoU) proposed to be entered with Delhi-based Dynamic InfraDevelopers Pvt Ltd (DIDL).

As per the MoU, the company will execute a huge entertainment infrastructure project at Mumbai at a cost of around US $1 billion on a joint venture basis with Dynamic Infra Developers through a special purpose vehicle (SPV).

The size of Phase-I of the project will be around $300 million. DIDL will provide land. The company in consultation with DIDL will finalise the executing and financing agencies for the project.

The company's huge library of 6,000 movies for which it owns internet film rights will be a part of the entertainment content the project would require. More than 500 IT engineers specialising in media software will get direct employment.