MUMBAI: Sanraa Media has signed an MoU (Memorandum of Understanding) with US based WSG Films to form a joint venture company.

The new company will be called Sanraa-WSG Films Inc and will be headquartered in Hollywood. The JV company will front end the Indian studio in Hollywood and the US to work on global co-production deals for animation and VFX projects. The TV company will specialize on family entertainment based films, programs and animation projects.

Additionally, the JV partners are also in advanced discussion for production and distribution of an international animation film with a production house. The JV in the near future will also explore possibilities of overseas listing and tapping global market for additional funding opportunities.

It will also be converting live action films to stereoscopic films and conversion will be budgeted at approximately $3-5 million per film.

The company expects to generate consolidated revenue of Rs 850 million (Rs 85 crore) and net profit of Rs 150 million (Rs 15 crore) for FY 2009-10.