The largest animation company of South Asia, Compact Disc India (CDI) has entered into a joint venture agreement with BBC Films to co-produce ‘Blame It On The Bhangra’.

‘Blame It On The Bhangra’ is being produced with a whopping budget of Rs 297 million.

Written and directed by Paul Angunawela, the co-producer of the film is David Thompson, former head of BBC Films from Origin Pictures.

Lionsgate will be responsible for its distribution in the UK territory.

Mr. Suresh Kumar, Compact Disc India chairman, said, “We plan to release the film by mid-2010. BBC Films has already signed a distribution deal with Lionsgate for the UK territory. We are, however, still to finalise on the distributors for the Indian and Canadian markets.”

Blame It On The Bhangra is the story of a British-Asian girl who disguises herself as a boy in the hope of winning the tournament and claiming the ultimate Bhangra glory.

Set in Southall amidst the lively and culturally rich streets and peoples of the town, it is partly musical, partly action and all screwball comedy.

Shares of the company, on Thursday (June 11), closed at Rs 54.20, up 1.7%, on the Bombay Stock Exchange (BSE). The total volume of shares traded was 104,639 at the BSE.

Current EPS and P/E of the stock stood at 33.96 & 1.60 respectively. The share price has seen a 52-week high of Rs 90.35 and a low of Rs 25.70 on BSE.