On February 18, Subhash Ghai's Mukta Arts Limited and animation company Green Gold Animation announced the signing of a Memorandum of Understanding (MOU) to collaborate on the development and production of animated shows and feature films based on Mukta Arts' iconic intellectual property portfolio. SGM Animation Studios was also launched at the event. Under the MOU, Mukta Arts and Green Gold Animation will work together to develop multiple animated IPs inspired by landmark films from Mukta Arts' celebrated catalogue, including Kalicharan (1976), Karz (1980), Hero (1983), Karma (1986), Ram Lakhan (1989), Khalnayak (1993), Saudagar (1991), Iqbal (2005), etc., along with character-led spin-offs from these universes.

At the event, Subhash Ghai said, “America is totally dependent on our talent. They outsource to India and earn millions in the West. That’s why I liked the idea of having our animation studio. I began to do my research on how we should convert our IPs into animation. Our ex-students worked very hard. We also provide animation courses. So, we have a pool of talent as well as funds. We just needed one good associate, a diamond from the industry, who could guide us. Finally, we came across that diamond which is called ‘Walt Disney of India’ – Green Gold Animation!”
During the Q-and-A session, a mediaperson asked about the difference between working with stars and on an animation project. Subhash Ghai replied, “The difference is that when I work with a star, I have to merge his image, his style and his strength in his character. We have to take a call that ‘Yeh kaam isse nahin karana hai’. For instance, in Ram Lakhan, I can’t ask Anil Kapoor to play Ram and I also can’t ask Jackie Shroff to essay Lakhan. Can I?” The attendees said “No,” in unison. Subhash Ghai continued, “Hence, there’s an image of a star and also, they reach a saturation point. People say, ‘Yeh accha aadmi hai, bura aadmi hai, yeh natkhat aadmi hai’. So, an actor faces these limitations. But in animation, there’s no limitation.”
He also remarked, “Rajiv Chilaka ji (Founder and CEO, Green Gold Animation) referenced Mickey Mouse. We were his huge fans as he can be moulded into any situation and role. He’s a bigger brand than all the stars. He's been around for more than 80 years. So, he's been a star for 80 years! Tell me one actor from Hindi cinema or Hollywood who has been a star for 80 years?”
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