MUMBAI: Glavkino, a newly-built studio located outside of Moscow, is looking at inking a strategic partnership with a Hollywood studio.

"We have been talking with Fox and Universal about possible cooperation," said Studio boss Ilya Bachurin in a statement. "Even though Russia does not have any tax incentives, we are willing to adapt our prices to make this an interesting proposal for a studio."

The studio has announced that a second phase of development worth $120 million would surpass $89 million invested last year.

The studio,the first newly built filmmaking complex on a greenfield site in Russia in more than 60 years, was launched in March with 12 stages that includes a 10,000-foot sound-stage that is Eastern Europe's biggest.

The second phase, in which offices, a hotel and post-production facilities will be built, is scheduled to be complete by late 2013.

Owned by a group of shareholders that includes Konstantin Ernst, head of Russia's main state television station Channel One, and film director and producer Fedor Bondarchuk, the studio is currently doing 70 per cent business with television companies.