CDI raises $38.8 mil for two films

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NEW DELHI -- Compact Disc India said Thursday that it has received "in principle approval" from U.K.-based banks to raise $38.75 million for two upcoming animation features.

The first project is the $20.15 million, 3D-animated feature "Soccer," based on Brazilian soccer star Ronaldo. A co-production with Florida-based sports management company Latin American Football Corp., the film's release is planned to coincide with the 2010 World Cup.

The second animated feature is "Eternal Love." Budgeted at $15.7 million, "Love" is based on Mughal Emperor Shah Jahan's love for his wife Mumtaz, for whom he built the Taj Mahal.

"Our loan for $38.75 million should be approved by May 5, after which we will formally announce the names of the banks," CDI chairman Suresh Kumar said in an interview.

Kumar added that CDI will raise another $30 million from U.K.-based Standard Chartered Bank, "which will be CDI's share of the total budget for 'Playing With The Enemy,' which is being finalized. This loan should come through in about a week."

Directed by David Ranes, the film is based on the real-life story of baseball player Gene Moore, as told in author Gary W. Moore's book, "Playing With the Enemy: A Baseball Prodigy, a World at War, and a Field of Broken Dreams."
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