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Tag: Venkatesh Roddam

  • Path-breaking VFX for ‘Singham Returns’ by Reliance MediaWorks

    Path-breaking VFX for ‘Singham Returns’ by Reliance MediaWorks

    MUMBAI: Reliance MediaWorks, the techno-creative provider and part of the Reliance group delivered breathtaking VFX for Rohit Shetty’s Singham Return starring Ajay Devgan and Kareena Kapoor.

     

    Crossing the 100 crore mark in just five days after its release, Singham Returns is the story of  D.C.P. Bajirao Singham(Devgan) and his quest to track a black marketer with tremendous influence within the political system.

     

    Talking about the use of VFX in large scale director Rohit Shetty said, “Singham Returns required shooting grand scale action scenes which required intensive VFX. The team at Reliance MediaWorks has done a splendid job, the outcome of which is realistic action packed scenes.”

     

    While the work ranged from elaborate sequences to set extensions, the highlight of the work done by the company is evident in the action scene shot on the Bandra-Worli Sea Link, some of which was live while most of it was created using computer graphics and VFX. The scene also involved missiles and high on speed vehicles which were created solely with special effects.

     

    In total Reliance MediaWorks has worked on 2500 VFX shots for the film, which constitutes almost 90 minutes of the run time. It took the company about three months to create, wherein Reliance MediaWorks creative head for VFX Naveen Paul was personally present on the sets to ensure the scenes were shot in sync with the VFX required.

     

    Commenting on the efforts, Paul said, “Rohit Shetty was clear about the requirements from day one, that of bringing to life an entertaining action packed film. 2500 VFX shots required intensive work by the entire team. We are all proud of the results.”

     

    Excited and happy with the results, Reliance MediaWorks CEO Venkatesh Roddam said, “We are glad to have partnered with Rohit Shetty for Singham Returns. The team headed by Naveen Paul and Nishit Shetty put in three months of work involving extensive detailing and we are glad the efforts have shown result.”

     

    Paul credits the team for being able to deliver detailed VFX shots within such a short time frame. This team comprises VFX supervisors Ranadheer Reddy and Pankaj Kalbende, production head (VFX) Vinoth Ganesh, VFX producer Abrez Mohd, concept and mattepaint head Chandrakanth Shenoy, CG supervisor Guru Prasad and matchmove head Sohel Shaikh.

  • Reliance MediaWorks acquires 30 per cent stake in Prime Focus

    Reliance MediaWorks acquires 30 per cent stake in Prime Focus

    MUMBAI: After its mega announcement a few days ago about Prime Focus World merging with Double Negative to create the world’s largest independent, VFX, stereo conversion and animation company, one of the Ambani brothers has decided to step into the game as well.

     

    Anil Ambani owned Reliance MediaWorks has bought shares in Prime Focus and merged itself with Prime Focus. The trio will now be the world’s largest and most integrated media services group with over 5500 people across 20 locations offering services such as visual effects, stereo 3D conversion, animation and cloud-based digital media solutions that transcend the film, advertising and television industries.

     

    An announcement by the two companies to the BSE states that “the combination brings instant benefits to global clients, with new levels of creativity, technology innovation, truly integrated digital media services, unmatched scale, financial stability and sustainability.”

     

    The new group will also have the world’s first hybrid cloud-enabled media enterprise resource planning. This unique platform virtualises the content supply chain and helps broadcasters, studios, brands, sports and digital businesses manage their business of content by driving creative enablement, enhancing ecosystem efficiencies and sustainability, reducing costs and realising new monetisation opportunities.

     

    Reliance MediaWorks and the promoters of Prime Focus, Naresh and Namit Malhotra will each infuse fresh equity capital of Rs 120 crore into Prime Focus at Rs 52 per share through a preferential allotment, aggregating Rs 240 crore. The equity process will also be used to fund the merger of Prime Focus and Double Negative.

     

    The India and overseas operations of Reliance MediaWorks’ film and media services business will be combined with Prime Focus through a slump sale which means transferring of the whole or part of a business undertaking that is capable of carrying out operations independently for a lump sum consideration without assigning values to individual assets and liabilities. After that, the net consideration will be paid in the form of fresh equity shares of Prime Focus valued at the same share price.

     

    Once the preferential allotment and business combination is done, the shareholding of the Prime Focus’ promoters will come down from 41.48 per cent to 33.5 per cent and Reliance MediaWorks will be 30.2 per cent. The mandatory open offer in Prime Focus has also been announced to the extent of 26 per cent of the fully diluted share capital of Prime Focus at Rs 52 per share as well.

     

    Through this combination, Prime Focus’ will get access to one million square feet of facilities in Film City, Mumbai, 30 per cent stake in Hollywood VFX house- Digital Domain and 100 per cent ownership of LA based digital film restoration firm Lowry Digital.

     

    Reliance Capital states that it wants to primarily focus on its financial services and align its noncore investments with successful entrepreneurs.

     

    Namit Malhotra will be the executive chairman and global CEO of Prime Focus Group. Says he, “This is a very exciting time in the life of Prime Focus. From being able to partner the world’s finest visual effects provider Double Negative, to having the Reliance Group come on board, to help mobilise our strategy in building the bridge between the west and the east. I am very confident about the benefits this combination brings to all our customers, employees and stakeholders worldwide.”

     

    Speaking on the deal, Reliance Group group managing director Amitabh Jhunjhunwala said, “We are hugely excited about the transformational growth opportunity created by the powerful combination of the global film and media services business of Reliance MediaWorks and Prime Focus. Namit is an enormously passionate leader, who has created and run a highly successful global media services business. We are delighted to have the opportunity to support Prime Focus as the company moves to the next orbit of growth under Namit’s dynamic and ‘turbo-charged’ leadership.”

     

     Reliance MediaWorks CEO Venkatesh Roddam said that this was a natural and synergistic combination to optimise resources. “We are very pleased to combine our global film and media services business with Prime Focus. This will create enhanced value and new opportunities for all stakeholders, including customers in India and overseas and our dedicated team of people.”

     

    Commenting on the new media house creation, Reliance Capital CEO Sam Ghosh said, “The proposed transaction reflects a significant step forward in Reliance Capital’s strategy of unlocking value from its investments in sectors other than financial services. We intend to partner and align ourselves with successful entrepreneurs like Namit Malhotra of Prime Focus, who has established high growth businesses, and we will support them in their endeavours to attain global leadership and excellence in their chosen areas of core expertise. This strategy will free up management bandwidth  and resources  in Reliance Capital, enabling us to singularly focus  on, and   further  accelerate  growth  in, our  core  business of asset management, life  and non-life  insurance,  broking and distribution, commercial finance  and related sectors in financial services.”

     

    Similar discussions are underway in relation to unlocking of value from other investments made by Reliance Capital in areas outside financial services, and further announcements will be made at the appropriate stage.

     

    Some of the works handled by the trio include: The Dark Knight Trilogy, Transformers 4, Inception, Gravity, Harry Potter and Avatar. The deal between Reliance MediaWorks and Prime Focus brings integrated services to the Bollywood industry from equipment rental and shooting stages up to final digital distribution.

     

     EY India was the exclusive advisor to Reliance MediaWorks for the transaction and Centrum Capital was the exclusive advisor to Prime Focus. The transaction is expected to go on for a couple of weeks.

     

    Reliance MediaWorks and Prime Focus’s wholly owned company Monsoon Studio has taken 2,30,76,923 equity shares. 6,73,07,692 shares will be given via the open offer.

  • Reliance MediaWorks bags ‘Best Laboratory of the Year’ Award for ‘Mandrake Mandrake’

    Reliance MediaWorks bags ‘Best Laboratory of the Year’ Award for ‘Mandrake Mandrake’

    MUMBAI: The field of technology for visual enhancement of filmed content is rapidly evolving in India. A company that is constantly innovating itself and working towards an enhanced cinema viewing experience is Reliance MediaWorks – the media and techno-creative solutions provider and a part of the Reliance Group.

     

    Adding to its kitty of numerous awards and accolades is the recently achieved ‘Best Laboratory Award’ in the cinematography category for the film Mandrake! Mandrake!

     

    Produced by the National Film and TV Institute of India, the diploma film is the story of a young man, who transforms a rundown warehouse into an Aladdin’s cave through the fun and frolic of the moving image, where magic, mystery and adventure become possible. Reliance MediaWorks is solely responsible for the processing of this film.

     

    Reliance MediaWorks handled the colour correction, processing and printing of the entire film. Reliance MediaWorks CEO Venkatesh Roddam said, “Awards and recognition always feel good, because it is a validation of the commitment to the industry and hard work at Reliance MediaWorks.”

     

    Added Reliance MediaWorks president, post production services Krishna Shetty, “Among other honours, a national award feels even more special since it is the highest honour instituted by the government of India and thus, yes winning this award for the lab makes me really happy. That we have been winning this award several times over the last few years, is again a reinforcement of the quality, commitment and difference that we at Reliance MediaWorks make to the process of filmmaking through our consistent efforts. Yes it is the 16th award, and the third one in a row now. In the past as well, we have won this award for successive years, once for six years in a row.”

     

    The company that recently completed 400 films has revolutionised the way films are processed in India and has worked with production houses such as Dharma Productions, Yashraj Films, Balaji Motion Pictures, Red Chillies Entertainment, Disney and Sony Pictures amongst others. Its consistent effort has helped reduce the cost of films and increases the speed of overall production.

  • Reliance MediaWorks: 400 and counting…

    Reliance MediaWorks: 400 and counting…

    MUMBAI: The field of visual and special effects is really gaining ground in films nowadays and a company that has done some great work in this area is the Anil Dhirubhai Ambani run Reliance MediaWorks – the media and techno-creative solutions provider and a part of the Reliance Group.

    The company commemorated the landmark achievement of completing 400 films with a star studded event graced by accomplished cinematographers, directors and producers that Reliance MediaWorks has worked with including Mahesh Limaye behind the Dabangg fame, Anil Mehta renowned cinematographer behind Saathiya, Laagan and Ketan Mehta director of Mangal Pandey: The Rising, to name a few.

    Reliance MediaWorks CEO Venkatesh Roddam in a statement said: “At Reliance MediaWorks we have always believed in adding value to the filmmaking process by keeping up to date with the latest technology and techniques. The completion of 400 Films is a testimony of our commitment and hard work.”

    Set up in 2008 as Asia’s first digital intermediate lab with a 4K facility, the Reliance film lab has revolutionised the way films are processed in India. Having worked with reputed production houses such as Dharma Productions, Yashraj Films, Balaji Motion Pictures and Red Chillies Entertainment, amongst others, its consistent efforts have helped reduce the costs of films and increase the speed of overall production.

    Amole Gupte with the team of Reliance MediaWorks

    Reliance MediaWorks also offers cutting edge VFX Solutions to Indian and International productions through its state of the art VFX studios in LA, London and Mumbai. With specialisation in highly complex VFX, the company and its team of award winning artists stand at the forefront of an extremely dynamic world of VFX production.

    Reliance MediaWorks post production services president Krishna Shetty added: “Digital filmmaking has opened up greater possibilities and opportunities for filmmakers than ever before. Every movie, from the massive big budget blockbusters, to the small independent films made on a shoestring budget, has been influenced by the advents in digital technology and filmmaking. We look forward to continuing our efforts to reinvent the ways in which movies are viewed.”

    Equipped with a state of the art DI facility to cater to film, TV and web related video content, the team has worked on a slew of recent blockbusters that include Chennai Express, Goliyon Ki Raasleela Ram Leela, Krrish 3, Yeh Jawaani Hai Deewani, 3 Idiots and Singham, amongst others.

    (L-R) Mahesh Limaye, Nishith Shetty, Ketan Mehta, Anil Mehta, Anita Kaul Basu, Siddharth Basu and Venkatesh Roddam

     

  • Entertainment industry needs a reality check in terms of economics: Venkatesh Roddam

    Entertainment industry needs a reality check in terms of economics: Venkatesh Roddam

    MUMBAI: Media and entertainment firm (known for its post production and VFX capabilities)  Reliance MediaWorks (RMW) CEO Venkatesh Roddam met us at the recently concluded FICCI Frames 2014. The man, who exuded a lot of positivity in his conversation infused with humour, seemed to be quite upbeat about the feat the company has just achieved of providing post production services to 400 Indian films so far.

     

    By the end of 2011, the number was 110. Roddam doesn’t think the meteoric rise is because of him. Roddam, who became RMW CEO in 2011, feels its growth is a result of the inclusive structure that it has in place. With enough humility, he confesses that while he takes all the money and business related decisions, it’s the team that keeps RMWL ticking.  “If you ask me specific questions, you will normally find me at a loss for answers,” he professes as he introduces Nishit Shetty, the company’s vice-president, operations who has a handle on what’s going on day to day.

     

    However, taking the conversation forward, he says, “In the entertainment business, creativity is just one part; it has to be backed by economics.” He puts forward an interesting example of Life of Pi. “Even as Rhythm & Hues the company was bagging a visual effects Oscar for it, its founders had decided to go ahead with a bankruptcy filing,” he says.  “That is not something that should happen. And at the end of the day the purpose of the business is to make money. The industry globally needs to have a reality check about the economics. ”

     

    Nishit decides to dive into the conversation as he talks about the VFX studio’s initial foray into post-production in 2008 with the film Sarkar Raj. “It was a gradual process. We were taking up projects slowly,” says Nishit. RMW has worked on visual effects for several international and domestic films. Transformers 3 – The dark of the Moon, Conan the Barbarian, Expendables 2, GI Joe Retaliation, Chennai Express, Queen, and many southern and Bengali films figure on its slate. In fact, in the time to come the company is looking to tap the regional film industry even more.

     

    Also, now Nishit says that RMW is reaching out to a new constituency: that of smaller film production houses and independent filmmakers. “There’s a lot of business potential in that segment as a lot of new filmmakers are coming up with great ideas and need better presentation,” he reveals.

     

    “At RMW we have always believed in adding value to the film making process by keeping up to date with the latest technology and techniques which has worked in our favour,” highlights Roddam.

     

    RMW is looking at expanding its Big Cinemas theatrical exhibition chain.  “So say, if right now we have 260 total screens, we may increase that by around 50 more in the next 12 to 18 months,” he says.

     

    “Our operating margins have continuously increased over the years. We have a distinct advantage of having a presence of screens both in semi-urban and semi-rural areas. We will continue to expand this year to offer an experience like none other to our patrons while at the same time keeping an eye for growth coupled with good profits,” remarks Roddam, adding that it doesn’t want to offer just a good cinema viewing experience to its patrons “but a holistic one with a strong focus on retail, food and beverage, gaming amongst others”.

     

    Another big development is the building up of studios (shooting floors) at the Film City in Mumbai. The company already has two fully functional studios there since the last two years, now Roddam informs that a major studio was commissioned this month which is positioned as the “largest studio in Asia” and four other stages are to be commissioned by the end of May.

     

    The company is also looking to expand its TV production wing – Big Synergy which is headed by the legendary Siddharth Basu – with path-breaking non-fiction programming. However, Roddam wants to keep the details for another conversation.

  • Reliance MediaWorks wins Best Visual Effects Feature Film Studio India 2013 award

    Reliance MediaWorks wins Best Visual Effects Feature Film Studio India 2013 award

    MUMBAI: Reliance Mediaworks has won the “Best Visual Effects Feature Film Studio India 2013″ award for Mani Ratnam’s film Kadal, at the 24FPS Awards 2013. The 24FPS International Animation Awards is recognition for animation talent from across India and beyond.

     Reliance MediaWorks had worked on the visual effects of Mani Ratnam’s film ‘Kadal’, released on 1 February.  The company provided end to end solutions for services in visual effects, digital intermediate (DI), elaborate colour grading and digital cinema mastering for the film. Kadal, revolves around the life of Christian fishermen who instill the fact how faith can lead to the triumph of humanity.

    Reliance MediaWorks CEO Venkatesh Roddam said “It has been a privilege and a challenge to work with the winning combination of Mani Ratnam and Rajiv Menon, on Kadal. The duo along with the artistic editor Srihar Prasad gave us a free hand to execute their creative vision. We are very excited on winning the 24FPS Award, and I congratulate the team. The award bears testimony of how the blend of modern technology and a great pool of human talent can contribute to dramatic storytelling”

    The team at Reliance MediaWorks delivered stunning visual effects (over 700+ shots) keeping a hawk eye focus on Mani Ratnam’s brief and his vision. 

    Adding to the same, the film’s DOP Rajiv Menon said; “We technicians work hard on every film, we also form strong bonds as we toil and try to get the colours and textures just right and when the film is released all is forgotten.  I would like to place on record my gratitude to every member of the Reliance MediaWorks team who have worked round the clock, under very difficult timelines and delivered an absolutely world class post production job on the film. Half the credit I am getting for the visuals of Kadal, I need to share with the team at Reliance MediaWorks. I thank you all once again. Keep the flag flying!”

  • Reliance MediaWorks wins ‘Best Visual Effects Feature Film Studio India 2013’ award

    Reliance MediaWorks wins ‘Best Visual Effects Feature Film Studio India 2013’ award

    MUMBAI: Reliance Mediaworks has won the “Best Visual Effects Feature Film Studio India 2013″ award for Mani Ratnam’s film Kadal, at the 24FPS Awards 2013. The 24FPS International Animation Awards is recognition for animation talent from across India and beyond.

     Reliance MediaWorks had worked on the visual effects of Mani Ratnam’s film ‘Kadal’, released on 1 February.  The company provided end to end solutions for services in visual effects, digital intermediate (DI), elaborate colour grading and digital cinema mastering for the film. Kadal, revolves around the life of Christian fishermen who instill the fact how faith can lead to the triumph of humanity.

    Reliance MediaWorks CEO Venkatesh Roddam said “It has been a privilege and a challenge to work with the winning combination of Mani Ratnam and Rajiv Menon, on Kadal. The duo along with the artistic editor Srihar Prasad gave us a free hand to execute their creative vision. We are very excited on winning the 24FPS Award, and I congratulate the team. The award bears testimony of how the blend of modern technology and a great pool of human talent can contribute to dramatic storytelling”

    The team at Reliance MediaWorks delivered stunning visual effects (over 700+ shots) keeping a hawk eye focus on Mani Ratnam’s brief and his vision. 

    Adding to the same, the film’s DOP Rajiv Menon said; “We technicians work hard on every film, we also form strong bonds as we toil and try to get the colours and textures just right and when the film is released all is forgotten.  I would like to place on record my gratitude to every member of the Reliance MediaWorks team who have worked round the clock, under very difficult timelines and delivered an absolutely world class post production job on the film. Half the credit I am getting for the visuals of Kadal, I need to share with the team at Reliance MediaWorks. I thank you all once again. Keep the flag flying!”

  • Reliance MediaWorks enhance the visual appeal of Krrish 3

    Reliance MediaWorks enhance the visual appeal of Krrish 3

    MUMBAI: Reliance MediaWorks have done the color grading and digital intermediate for Krrish 3. The most eagerly awaited superhero movie that is expected to sparkle at the box office this Diwali. 

    Krrish 3 is the third in the franchise that began with 2003 hit sci-fi movie Koi…Mil Gaya, Krrish 3 will take forward the story of the superhero Krrish, played by Hrithik Roshan.
    Creative choices of color play was an extremely important role in storytelling, especially for a sci-fi film like Krrish 3 where Hrithik will take on evil mutants and save the world from destruction in his superhero avatar.

    Speaking on the same Reliance MediaWorks CEO Venkatesh Roddam said: “Krissh 3 was not an easy film as it came with a huge legacy. In Krrish 3 it was important to create a consistent look and feel to the story overall. Krrish 3 provided a great opportunity for us to showcase the diverse skills within the businesses and further reinforced our position as a fully integrated high-end facility.”

    The color timing helped define locations and enhance and ensure the mood of scenes worked and that the entire movie flowed. On top of color timing, were added, a lot of little nuances fine-tuning on the image such as enhancing the mutant’s traits like the color of the tongue and the eye’s iris details. But most of the detailing time was utilised to ensure the realistic integration of the VFX. Hrithik and Rakesh took a very active role in the DI process ensuring their high vision was reached.

    Commenting on the same, Krrish 3 producer and director Rakesh Roshan said: “I am thrilled and enthusiastic about Krrish 3. This project has all the insightful and risqué visuals we have come to expect from the franchise. I was very confident that Reliance MediaWorks was the “Go to” place for DI and colour grading.  True to expectation they have made Krrish 3 one of the most memorable movies of all time.”

    Rakesh Roshan’s vision, coupled with stunning visuals, has turned the franchise into a thrillingly audacious mix of grand storytelling and powerful and provocative themes.
    With the advent of technology image quality gets superior and thereby the minutest of details need to be highlighted appropriately, which is where a sci-fi film becomes creatively challenging and demands more techno-creative expertise. Add to it the brand value of the Krrish franchise makes working on the project a fruitful experience.

  • Reliance MediaWorks splits biz into 2, film exhibition to form one arm Children’s fest

    Reliance MediaWorks splits biz into 2, film exhibition to form one arm Children’s fest

    MUMBAI: Reliance MediaWorks, Reliance Anil Dhirubhai Ambani Group‘s film and entertainment services company, has separated its businesses into two divisions – film and media services, and film exhibition.

    The company has appointed Venkatesh Roddam as the CEO of the Film and Media Services division and Ashok Ganapathy as the CEO of the Exhibition division, to enhance the independent focus on each operating division.

    Reliance MediaWorks CEO Anil Arjun will henceforth be associated with the company as a strategic advisor.

    The creation of two independent divisions follows signing of an indicative non-binding term-sheet by Reliance MediaWorks with an unidentified private equity fund for selling a substantial minority stake for Rs 6.05 billion. The term sheet envisages separate subsidiary for the film and media services business, after the completion of customary detailed duediligence, definitive documentation, and approvals as may be necessary.

    Reliance MediaWorks‘ businesses are spread across India, the US, the UK and Malaysia.

    Reliance MediaWorks has also filed a draft prospectus with the Securities and Exchange Board of India (Sebi) for a rights issue to raise Rs 6 billion.

    Reliance MediaWorks‘ market capitalisation is Rs 2.54 billion based on Friday‘s closing price of the company‘s shares. Its shares closed at Rs 55.25, down 1.43 per cent.

  • Satyam’s BPO outfit bags $25 million contract, in talks for another $10 million order

    Satyam’s BPO outfit bags $25 million contract, in talks for another $10 million order

    MUMBAI: Nipuna Services Ltd, the BPO subsidiary of IT major Satyam Computer Services, has bagged a $25 million animation outsourcing deal. The company is also in negotiations to work on a $10 million contract for another TV series animation project.

    Earlier in the year, Nipuna signed a $9 million deal to provide services for a movie called First Fear which is set for release by June 2007. “We are expecting to bag a fresh contract for around $10 million. The German company will take a call based on the TV episodes that we come up with. We have already signed with this company for $25 million to produce TV series and a movie,” Nipuna chief financial officer M Satyanarayana tells Indiantelevision.com.

    Nipuna will engage UK-based 4K Animation Ltd for the execution and delivery of these projects along with its own battery of 120 professionals over a period of 18 months. The two ‘iconic’ European animation projects include the third season of “Marvi Hemmer Presents National Geographic World,” an award-winning, 52- episode TV series, and a movie, also featuring Marvi Hammer.

    “We will pay a fee to 4K for their services as they will be sending technical professionals from all over the world to work in India and help us in the project. The exact amount will be finalised when we know how many people and working hours we would need from them,” says Satyanarayana.

    For First Fear, Nipuna had paid 4K around $3.25 million. By partnering with 4K, Nipuna is able to source talent from across the world to execute the projects.

    The delivery period for the TV series will start from now and is expected to finish within nine months. The work for the movie will start from April and stretch over 12 months, according to Satyanarayana.

    The series and movie feature a combination of live action and animation. They include actual studio sets used as animation backgrounds, a furry computer graphics creature and 2D-animated characters. Hamburg-based YOUA Edutainment, National Geographic, and German broadcaster ZDF will co-produce the series and movie.

    Nipuna will provide VFX, CGI, 3D and 2D animation services, including pre-production, production, and post-production, from its studio in Chennai. Other animation artists will also collaborate from Hamburg and Berlin for this project delivery.

    Says Nipuna CEO Venkatesh Roddam, “This partnership reflects a growing trend toward ‘corporatization’ in the animation industry, which is leading to increasingly significant opportunities. Long-term contracts such as this one show that companies recognize Nipuna’s capabilities in an industry where ‘human resources’ are integral to quality, and thereby responsible for the success of creative ventures.”

    Nipuna has built significant VFX, CGI, and 3D animation skills by producing numerous global and domestic films. Among the more than 40 Indian films for which it has handled animation projects are Sainikudu, Stalin, Pokhiri, and Belly Full of Dreams. Nipuna also provides artwork and visualization services involving 2D and/or 3D animation techniques and processes to customers in the engineering, architectural, and medical industries.

    Nipuna expects to close this fiscal with a turnover of $40 million, out of which