MUMBAI: India’s Crest Animation Studios has inked an Memorandum of Understanding (MoU) to form a joint venture with US-based animation and FX studio Reel FX to finance and co-produce 10 CGI animated / hybrid films over a period of seven – eight years.

The two companies will invest more than $200 million in the form of combination of equity and debt in the JV.

The films will be developed by top talent in Hollywood under the supervision of Walden Media ex-CEO Cary Granat.

The films, which will be produced under the JV, will be disributed by major studios in Hollywood. Under the JV, Reel FX will be the main creative partner and Crest will be the animation services provider. Crest is expected to earn revenues of more than $100 million over a period of four – five years.

Headed by former ILM executive Ed Jones, Reel FX has produced CG animation for films such as Sony’s Open Season 3, Disney’s The Wild and provided special effects for titles such as Enchanted and Sin City.