MUMBAI: Animation firm Compact Disc India’s board has approved to raise funds from top foreign banks.

According to a Reuters report, the company expects to raise $38.5 million and another $30 million from foreign banks to fund movies.

The funding amount will cover two international animation film projects – Eternal Love and Soccer – under production by MediaOne Ventures Ltd. The company is also making another movie called Playing with the Enemy.

Compact Disc India is also planning to set up an animation studio at KINFRA SEZ, Trivandrum. The first phase of the implementation plan will be completed before the end of May 2008.

Additionally, restructuring in the company’s top level management is also on the anvil. The company will appoint a new CEO cum president along with six vice presidents, who will be located at New Delhi, Mumbai and Trivandrum. Furthermore, three more vice presidents will be appointed in the company’s foreign subsidiary company MediaOne Ventures. The latter is also slated to list on London Stock Exchange’s Alternate Investment Market (AIM) next month by raising $50 – $60 million.

Compact Disc India will also appoint five professional and eminent persons, who will act as strategic advisors. The role of these advisors is to guide the board of directors and participates in all its meetings.