Mumbai, March 12. (PTI): Technological innovations in Indian cinema will take another step forward with the release of 'Magik', the first 3D film totally made in the country.

Magik would be produced by Media Factory, which is working on this film for last two years at its studios in Mumbai, at a budget of $5 million.

"Media Factory is the only animation studio in India which also provides content. The first fully made 3D animated film `Magik' would be ready for release next year (2008) and is currently at production stage," Media Factory Managing Director, Aashish Chanana told PTI.

The movie made on a budget of $5 million revolves round five characters all children. It is at the production stage and is expected to take another year for completion, he added.

This fully 3D animated movie was possible in such a small budget only because the entire project is made by using in-house infrastructure.

The media house has also recently completed two Hollywood movies with special effects and is working on another project, where it was creating an alien in the form of a Lizard Man similar to the one created for Jurassic Park.

This entire project was modelled and designed by Media Factory and also has an offer to produce 10 animated films from an multinational, said Chanana. He however refused to divulge the names of the Hollywood directors or production houses.

Normally an animated film takes three to five years for completion. The entire process is divided into three years, first the pre-production part, then the asset building where the actual characters are created and finally the animation and special effects part.

Media Factory is also doing the special effect for B R Chopra banner film, `BoothNath' starring Amitabh Bachchan and Shahrukh Khan and another ad film starring Sanjay Dutt.

The company is also looking at partners for specific projects. It is also talking to Venture Capitalist for a stake sale. "We are evaluating both the options but nothing has been finalised yet," added Chanana.

This two-year old media house has 30 special effect professionals working for it and plans to double the headcount in next six months and also open offices in Los-Angles and UK.

Market estimates project Indian animation industry to be worth $2,400 million and it is estimated to grow to $1 billion by 2010-2014.

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