Disclosed herein is a multilayered film comprising a first layer and a second layer; and a tie layer; where the tie layer comprises a crystalline block composite and where the tie layer is disposed between the first layer and the second layer; the first layer being disposed on a first surface of the tie layer; the second layer being disposed on a second surface of the tie layer; where the second surface is opposedly disposed to the first surface; where the multilayered film is biaxially oriented. Disclosed herein too is a method of manufacturing the aforementioned multilayer film.