Big props to eclectica cybernaut Henry Hobson for the tip on this one. I've had trouble finding out exactly who is responsible for what is potentially one of the greatest audio-visual advertising experiences ever created. In short, it seems to be from a film called Mangamma Sabatham (1985). The song featured here is essentially an elaborate advert for Coca Cola, but the tune, choreography and production is all blinding.
The female singer is Vani Jayaram; some production on the song is by musical producer duo Shankar Ganesh. Other than that, what needs to be explained; just soak it up.
P.S. I've just seen that this is our 100th post! w00t. What a corker to celebrate haha.