MIB signs pact with M’rashtra for creative tech institute

The Union Ministry of Information & Broadcasting has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, Maharashtra Film, Stage & Cultural Development Corporation Ltd. (MFSCDCL) and the Indian Institute of Creative Technologies (IICT) for the establishment of a world-class institute dedicated to the Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sector.

Chief Minister Devendra Fadnavis stated that Indian Institute of Creative Technology (IICT) in Mumbai — a first-of-its-kind institute — will focus on nurturing talent and innovation in creative industries, a government stated.

The MoU was signed between Chief Secretary of Government of Maharashtra Sujata Saunik and MIB Secretary Sanjay Jaju late last week in the presence of Fadnavis and Minister for Information and Broadcasting Ashwini Vaishnaw.

IICT will be located at the Dadasaheb Phalke Film City and shall serve as a centre of excellence for education, research, innovation, and skill development in the AVGC-XR domain recognizing the importance of fostering the growth and development of this sector in the country and envisioning India to become one of the top global players in this field.

Vaishnaw stated the institute will serve as a catalyst for the city’s entertainment industry, facilitating its global expansion.

The IICT has been established as a not-for-profit Section 8 company, with a total government equity participation of 48 percent, comperising 34 percent from the Government of India and 14 percent from the Government of Maharashtra (through MFSCDCL). The remaining 52 percent is held by leading industry bodies like the Federation of Indian Chambers of Commerce and Industry and the Confederation of Indian Industry (CII) each holding 26 percent stake.

The federal government has already provided an initial one-time budgetary grant of Rs. 391.15 crore for infrastructure development and initial operations. The IICT shall operate in a self-sustaining mode thereafter, benefitting from the 10-acre land leased by MFSCDCL for 30 years at the Dadasaheb Phalke Film City, symbolizing a significant step forward in building a digital media and creative technology ecosystem.

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Yugal Kishore Sharma CEO, ONEOTT Intertainment Limited

Amazing and grim battle for survival. Guess it will end up in Supreme Court. All that NCLT asked Zee to do was to file a reply to Invesco petition for a EGM. Now this is getting too serious. So far Invesco has been hammered for demanding an EGM. What is Zee upto? Ofcourse my lawyer community knows better!