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NEW DELHI: Indian media services company Prime Focus Ltd that merged its VFX business with global visual effects provider DNEG (Double Negative) won the Academy Award for best visual effects for Christopher Nolan’s spy thriller Tenet earlier this week.

This is the fifth Academy Award win for DNEG in the last seven years, and its sixth win in total; the company has previously been recognised for its work on First Man, Blade Runner 2049, Ex Machina, Interstellar and Inception.

“Working with visionary filmmakers like Christopher Nolan elevates the work of every single department involved in the filmmaking process. That Chris and Warner Bros. have put their faith in our teams once again, to design the visual effects sequences for Tenet, is an honour and a privilege," DNEG chief executive Namit Malhotra said in a statement.

Over the years, Indian-origin companies have been lauded for their visual effects design in several Hollywood films. For instance, Thor: The Dark World, was outsourced to Mumbai’s Prana Studios Ltd and Bengaluru-based Mr. X contributed to the 2018 Oscar winner, The Shape of Water.

The Indian animation and visual effects industry, which commands around 10% of the global market share, has the potential to reach 20-25% by 2025, according to a recent media and entertainment industry report by the Boston Consulting Group (BCG) and Confederation of Indian Industry (CII).

The two segments, which have together grown 17% from $0.7 billion in 2015 to $1.3 billion in 2019, can create 75,000-120,000 jobs over the next five years with their contribution to the nation’s gross domestic product rising by 0.06-0.08% over the same period, according to the report.

“These are sectors that do not just have great export potential to demonstrate the soft power of India but can also emerge as examples of Atmanirbhar Bharat (self-reliant India) if home-grown startups are given adequate push," Amit Khare, secretary, ministry of information and broadcasting, had said at an event last year.

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