The story
Founded by Akkineni Nageswara Rao in 1975.1
Background
Telugu film industry was originally based in Madras (now Chennai) before the industry started moving to the capital of Andhra Pradesh (now Telangana), Hyderabad, in the late 1970s, largely due to the influence of Akkineni Nageswara Rao. Nageswara Rao was one of the first to move his film business entirely to Hyderabad, motivating others to follow suit and contributing significantly to the industry's relocation. He made it clear to the film producers that he would work in their films only if they were produced in Andhra Pradesh, except for Vauhini and Venus Studios, for which he used to work in Madras.
In 1976, the Andhra Pradesh government allocated 22 acres of land in Banjara Hills, Hyderabad to Akkineni Nageswara Rao for the purpose of building a film studio, aimed at promoting the Telugu film industry in Hyderabad. According to a Deccan Herald report, the land was secured at a nominal price of ₹7,500–8,000 per acre, totaling approximately ₹1.5–1.8 lakh for the entire plot.
Foundation
Annapurna Studios was established by Akkineni Nageswara Rao in 1976 on the 22-acre site allotted to him by the Andhra Pradesh government in Banjara Hills. It was inaugurated by the then President of India, Fakhruddin Ali Ahmed.
The first film to be made in the studio was Secretary (1976), starring Nageswara Rao and Vanisri, and produced by D. Ramanaidu. This move helped Hyderabad develop into a major centre for Telugu cinema.
From Wikipedia’s article on Annapurna Studios, shared under CC BY-SA 4.0.4