Thiruvananthapuram, Sep 15 (IANS): Kerala is set to get a film city on the lines of Hyderabad's Ramoji Rao Film City, 100 new theatres and a permanent venue for the International Film Festival of Kerala (IFFK) with a total investment of Rs 500 crore to boost the Kerala film industry, Cultural Affairs Minister A.K. Balan said here on Thursday.

"A Rs 50 crore state-of-the-art venue for the IFFK and a Rs 25 crore film city is going to come up in around 60 acres at the present campus of the Kerala State Film Development Corporation here," said Balan.

The state government will also set up 100 new theatre complexes across the state, each having a seating capacity of around 250.

"At present, the state government owns about two dozen theatres and with 100 new theatres, we expect that Malayalam films will get a wide release. Today due to lack of theatres, several Malayalam films are ending up in the red," added Balan.

Apart from these initiatives, the state government will set up a cultural centre in each of the 14 districts with each centre costing around Rs 40 crore, the Minister said.

"These centres would help popularise dramas and stage the dying arts of the state. Besides, there would be space for reading rooms and to showcase the products of traditional artisans," said Balan.

Regarding funds for these projects, he said, the state government would tap funds through the PPP model besides the newly set up Kerala Infrastructure Investment Fund Board.

"In five years, the state government is expecting to raise a minimum of Rs 50,000 crore and in the first year we have set a target of Rs 12,000 crore. The government and the cooperative banking sector will all stand as guarantors for raising funds," added Balan.