Prasad Media Corporation, promoted by L V Prasad group, is setting up a 3-D IMAX theatre in Hyderabad with an estimated investment of Rs.61 crore. The company has entered into a joint venture with IMAX Corporation, US to set up the facility.

The facility, to be located at the Hussainsagar lake besides the NTR Gardens will be built on a 2.35 lakh sq ft area with approximately 1.10 lakh sq ft space allotted for retail, entertainment and food & beverage services. The theatre will have 635 seats and a giant 21-metre screen. The other facilities includes 5 multiplex cinemas, fast food joints, coffee bars, gift stores and shopping malls. The work on the project is underway and is scheduled for completion by early 2003.

Of the total project cost, the promoters are contributing Rs.26 crore whereas the financial institutions viz. IDBI, Andhra Bank and Punjab National Bank are funding to the tune of Rs.30 crore as term loans. IDBI has also contributed Rs.5 crore towards the equity of the project.