Compact Disc to float subsidiary in UK

Animation outsourcing company Compact Disc India will float a wholly-owned subsidiary, Media One, in the United Kingdom at an investment of $50 million.

"We will soon set up 100 per cent subsidiary of CDI in the UK which will take care of our international animation- based and motion film projects," Compact Disc India Ltd (CDI) Managing Director Gautam Seengal said here.

The Chandigarh-based company, which has recently acquired the UK-based mobile gaming company Mobsoft for $2 million, also plans to produce a film called 'Guru of Sex', based on the life of Osho Rajneesh.

"This project will involve an investment of $16 million and will be shot in Laos and Cambodia," he said adding the company is trying to rope in Hollywood actor Sir Ben Kingsley for the film, which is expected to be released in 2009.

CDI is also working on two animation film projects. "We are working on a comedy animation film called 'Hustle Bustle' in partnership with a Singapore-based company involving a budget of $12.5 million. It will be released by end 2008," Seengal said.

"We will co-produce 3D animated film 'Goaaaal !' with Los Angles-based Hollywood production company. With an estimated budget of $20.15 million, the film is slated to be released during the second half of 2009," he informed.