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Compact Disc India Ltd said on Friday its board has approved spinning off its international film production business into a separate entity as part of its growth strategy.

KPMG India Pvt Ltd is adviser for the proposed restructuring and demerger, the company said in a statement.

The firm also said its board approved investing $3 million for setting up a pre-production animation facility, which will be fully operational in the next three months, in the United States.

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