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NFDC to finance co-productions

Special Correspondent

Corporation in talks with the Industrial Development Bank of India

SETTING NEW STANDARDS: National Film Development Corporation managing director Nina Lath Gupta and Anjali Menon, director of the film `Manjadikuru,' addressing a press conference in Thiruvananthapuram on Sunday.

THIRUVANANTHAPURAM: The National Film Development Corporation (NFDC) is holding talks with the Industrial Development Bank of India (IDBI) to provide institutional finance for feature film co-production projects, managing director Nina Lath Gupta has said.

Ms. Gupta told presspersons here on Sunday evening that the talks were aimed at providing hassle-free financial assistance for potential filmmakers to launch new projects.

The corporation had launched a scheme to identify films in all Indian languages for domestic as well as international co-productions. The first phase of the project concluded in August and the last date for submitting applications for the second phase was January 31. New scripts for co-production projects would be invited once in six months.

A nationwide selection of co-production feature film projects was launched earlier this year. The scripts submitted with the corporation were reviewed by a committee of professionals drawn from the industry. It recommended five screenplays, which had "artistic and commercial" potential.

The NFDC production model was in tune with international standards, with professional scheduling and production management. It would also work out its distribution and marketing strategies, she said.

Filmmakers would have to submit English translations of screenplays to the expert committee with a letter of commitment for an assured minimum investment of 30 per cent of the total cost. The committee would then select five scripts.

The corporation would provide an additional 30 per cent of the total budget on condition that the filmmaker raised the balance investment within one year from the date of selection.

The corporation would not interfere with the creative aspects of the co-production ventures. Considering the difficulties being faced by debutants in securing finance for their maiden ventures, the corporation would explore the possibilities of providing initial assistance for such projects, she said.

Ms. Gupta said the corporation was keen on promoting young talent and would support creative ventures that appeal to national as well as international audiences.

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