On Friday, Prime Focus announced a Rs 3,000 crore investment to establish a ‘film city’ that will encompass an entire ecosystem related to entertainment. The BSE-listed entertainment company signed a memorandum of understanding (MoU) with the Maharashtra government for the project, which is expected to generate up to 2,500 jobs. The announcement was made on the sidelines of the ongoing WAVES 2025 event.
Namit Malhotra, founder of Prime Focus, told PTI that the film city will span over 200 acres within Mumbai, for which the state government has committed to allocating land. While the exact location has not been disclosed, Malhotra mentioned that the government is considering two or three potential sites.
Mumbai already houses a state-run film city that mainly serves as a hub for film production, post-production, and talent training. In contrast, Prime Focus’ proposed facility will offer a more expansive ecosystem. It will feature a Ramayana-themed amusement park, hotels, and residential accommodations where families can stay for extended periods.
Malhotra stated that Prime Focus currently employs 10,000 people globally, including 7,000 in India. The new facility is expected to further boost employment. Groundbreaking for the film city is anticipated within this year, and the company plans to approach investors to raise the required capital.
In a separate announcement, Godrej Fund Management and Investment Advisers revealed a Rs 2,000 crore investment in a two-phase studio project in suburban Panvel. The initiative is projected to create 2,500 jobs by 2030 upon full completion. The first phase, involving Rs 500 crore, is slated to begin by 2027, while the second phase will see an infusion of Rs 1,500 crore.
Maharashtra Chief Minister Devendra Fadnavis, present at the MoU signing, welcomed both initiatives, noting their potential to boost the state’s economy. Additionally, he announced that York University (UK) and the University of Western Australia will establish campuses in the ‘Third Mumbai’ area, where the state aims to develop an education hub.
In another development, the National Stock Exchange (NSE) introduced the ‘NSE Waves Index’—an index dedicated to the media and entertainment sector. The index will track 43 scrips from across the media and entertainment industry listed on the bourse.
