DNEG Debt (IFC-47378)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Mumbai, Goa, Hyderabad, Chandigarh, Chennai, Mohali, Patna, Trivandrum, Bhubaneshwar and Kolkata
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 17, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
DOUBLE NEGATIVE LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Loan Amount (USD)
$ 75.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 7, 2023

Disclosed by Bank Jul 3, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, Prime Focus World N.V. (DNEG) is a technology enabled creative solutions provider to the entertainment industry. Prime Focus World acquired Double Negative in June 2014. The combined entity was subsequently re-branded as “DNEG” and its operations have since expanded into United Kingdom, Canada, the U.S Canada, India, Australia, UK, Spain, Bulgaria and Hungary. DNEG Group currently provides premium content VFX and animation services globally across feature film, television, episodic, and screen agnostic content using its proprietary technology.
IFC proposes a US$ 75 million loan to the Company. The proceeds of the IFC financing would be used primarily for investments in technology and, new facilities, general corporate purposes and India debt refinancing. DNEG India currently has offices and studios in Mumbai and offices in Goa, Hyderabad, and Chandigarh; while multiple studios are in the process of being operationalized in other cities of India such as Chennai, Mohali, Patna, Trivandrum, Bhubaneshwar and Kolkata.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, the DNEG Group is a global leader in tech enabled creative solutions to the entertainment industry, such as VFX, animation, and other production services. In 2014, Prime Focus World N.V. acquired London-based Double Negative PLC. The subsidiaries of the combined entity are held by PFW.

DNEG Group currently provides premium content VFX and animation services globally across feature film, television, episodic, and screen agnostic content using its proprietary technology. DNEG Group has been associated with 7 Academy Awards for VFX, including 6 of the last 8. As of FY22, DNEG has a Revenue of US$409 million, and Adjusted EBITDA of US$100 million (US GAAP).

As stated by Bloomberg, Prime Focus World N.V. produces and distributes television programs. DNEG Limited operates as a motion picture production company. The Company offers television programming, animation, films, and other entertainment contents. DNEG serves customers worldwide.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - DNEG PLC Client Communications
- - - - Prime Focus World NV Client Communications

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Prime Focus World NV/DNEG Group:

Vikas Rathee - Chief Financial Officer
Phone: +44 020 7268 5000
Email: vsr@dneg.com
Address: 160 Great Portland St, Fitzrovia, London, UK
Website: https://www.dneg.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works