Union Ministry of Information & Broadcasting signed an MoU with Government of Maharashtra, Maharashtra Film, Stage & Cultural Development Corporation Ltd. (MFSCDCL), and Indian Institute of Creative Technologies (IICT) to establish first-of-its-kind institute in AVGC-XR sector (Animation, Visual Effects, Gaming, Comics & Extended Reality) in Mumbai.
Highlights of MoU
Creation of an AVGC-XR Centre focused on:
- Education & Skilling
- Industry Development
- Research & Innovation
Establishment of:
- Governing Council and Board of Directors with Government and Industry representatives
- Specialized Councils on Academia, Skilling, R&D, and Industry Development
- Promotes public-private collaboration and global partnerships
About IICT
- Institute Name: Indian Institute of Creative Technologies (IICT)
- Location: Dadasaheb Phalke Film City, Goregaon, Mumbai
- Sector Focus: AVGC-XR (Animation, Visual Effects, Gaming, Comics, and Extended Reality)
- Objective: To nurture talent, innovation, and act as a catalyst for India’s creative economy and global entertainment expansion.
About Indian Institute of Creative Technologies (IICT):
- IICT is established as a not-for-profit Section 8 company.
- Serve as Centre of Excellence: For education, research, innovation, and skill development in AVGC-XR.
- Positioned to help India become a global leader in creative and digital content sectors.
- Act as Catalyst for growth: of Mumbai’s entertainment and digital media industry.
Equity Structure:
Total Government Equity: 48%
- Government of India: 34%
- Government of Maharashtra (via MFSCDCL): 14%
Industry Equity: 52%
- FICCI: 26%
- CII: 26%
Financial & Infrastructure Support:
- Initial Budgetary Grant: ₹391.15 crore from Government of India.
- Will function in a self-sustaining model post initial operations
- Land Allocation: 10-acre parcel leased by MFSCDCL for 30 years at Film City