• Saturday, July 13, 2024

Entertainment

Boney Kapoor-led firm signs concession agreement for Noida Film City

Notably, actor Akshay Kumar was also vying for the project.

Boney Kapoor (Photo by SUJIT JAISWAL/AFP via Getty Images)

By: Mohnish Singh

Filmmaker Boney Kapoor and Bhutani Group-backed firm Bayview Bhutani Film City Pvt. Ltd. signed a concession agreement with the Yamuna Expressway Industrial Development Authority (YEIDA) on Thursday for the development of Noida International Film City in India.

Boney Kapoor told the media, “This is the mission of my life to make the international film city.”

“This is a unique opportunity given to the film industry. We will try to come up with an international film city…,” he added.

In January, Kapoor and real estate developer Bhutani Group bagged the contract to develop the International Film City near the upcoming Noida International Airport in Uttar Pradesh.

The selection criteria emphasised that, among technically eligible institutions, the one offering the maximum gross revenue share to the authority would be chosen as the successful bidder.

Notably, actor Akshay Kumar was also vying for the project.

Arunveer Singh, the CEO of YEIDA, explained that the gross revenue share signifies that the company, after the development of Film City, will contribute 18 per cent of its earnings to the authority.

In addition to providing the land, the authority will also offer other necessary infrastructure, while the company is responsible for all the construction and development of facilities within the Film City itself.

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