MUMBAI: Shree Ashtavinayak Cine Vision has teamed up with LFS Media & Entertainment (LFS Group) for the setting up of a studio in Mumbai.

The project size will involve an investment of Rs 150 billion. Tentatively called India Studio City, the project will be built in various phases. 

India Studio City will comprise air conditioned shooting floors, fixed sets like hospitals, roadways, airport interiors, havelis, back lot with open areas for shooting, theme park, hotels and all structures required for filmmaking.

Sources say Shree Ashtavinayak will be a minority partner in the joint venture entity.

India Studio City proposes to be a major studio tourist destination. It aims to provide Indian and foreign filmmakers with the "best scale and technology to realise world-class results along with better economies."