Technicolor India, a subsidiary of the Paris-based Technicolor Group, has reportedly shut down, affecting more than 2,000 employees in Mumbai and Bengaluru.

As per media reports, Biren Ghose, Managing Director of Asia-Pacific for Technicolor, stated during a town hall that Technicolor India's closure was an unforeseen consequence of the financial difficulties faced by its parent company in Paris.

Ghose said Paris headquarters’ decision to enter receivership or liquidation came as a surprise. Despite efforts to secure salaries, Technicolor India was told global headquarters couldn’t provide funds. As a result, February salaries won’t be paid. The company is working on a solution and communicating with Paris, as salary disbursement depends on receiving the necessary funds.

Technicolor Group specializes in providing visual effects, motion graphics, and animation services to the entertainment, media, and advertising sectors. The company is known for its significant contributions to projects like The Lion King and Mufasa.

Technicolor has set new standards in post-production and animation, having worked on a variety of well-known films, including the Harry Potter series, Detective Pikachu, Bumblebee, PAW Patrol: The Movie, The Mighty Movie, and Teenage Mutant Ninja Turtles: Mutant Mayhem.