The three films will be produced over the next 12-18 months under the 'MTV Fully Faltoo Films' banner. Budgets for each film have been pegged at around $900,000 (Rs40m).
'We believe the youth of the country is a segment that can appreciate new and unique genres of films and will set the trends for years to come,' said Adlabs Films director Pooja Shetty. 'They are an extremely important audience for Adlabs.'
Work is already underway on the first script and shooting is scheduled to start in August 2007. 'The scripts shall be original humour and spoofs closer to the Hollywood style,' Shetty added.
Speaking of the alliance, MTV Networks India managing director Amit Jain said: 'This unprecedented initiative is bound to change the paradigms of in-theatre youth entertainment.'
MTV Networks has previously had a lukewarm foray into Indian filmmaking with Ghoom, a spoof of the hit Bollywood movie Dhoom.
Adlabs, a member of the Reliance Anil Dhirubhai Ambani Group, is involved in film, TV and animation production, film processing, domestic and international distribution and also operates a multiplex chain.