Magik would be produced by Media Factory, which is working on this film for last two years at its studios in Mumbai, at a budget of USD five million.
"Media Factory is the only animation studio in India
which also provides content. The first fully made 3D animated film Magik would be ready for release next year (2008) and is currently at production stage," Media Factory Managing Director, Aashish Chanana told PTI.
The movie made on a budget of USD five million revolves round five characters all children. It is at the production stage and is expected to take another year for completion, he added.
This fully 3D animated movie was possible in such a small budget only because the entire project is made by using in-house infrastructure.
The media house has also recently completed two Hollywood movies with special effects and is working on another project where it was creating an alien in the form of a Lizard Man similar to the one created for Jurassic Park.
This entire project was modelled and designed by Media Factory and also has an offer to produce 10 animated films from an multinational, said Chanana. He however refused to divulge the names of the Hollywood directors or production houses.