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The Prabhat Film studio, which is housed in the FTII, was also damaged in the fire.
No casualties were reported, the chief fire officer, L.N. Raut, told PTI.
Negatives of hundreds of films were stored at the National film Archives of India building in the campus of the Institute. Most of the films were released in the 1950's.
The negatives were stored in the air-conditioned storeroom.
Rise in the room temperature, probably due to failure of the air-conditioner, might have led to the films catching fire, Mr. Raut said.
The negatives were stored in nitrate bases which could burn quicker than kerosene, a fire-brigade official said.
Five fire engines battled to put out the blaze within an hour.
An official of the Film Archives said, "Our Director is rushing from Delhi and only he will be able to say anything about the extent of the damage.''
However, the damage could be quite extensive as practically all the films kept in the storeroom were gutted.
The loss due to the fire has not yet been determined.
The cause of the fire, too, has not been ascertained yet although it has been attributed to a possible short-circuit.
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