I found a website on this subject a while back
http://www.willamette.edu/~ejohnson/intro.htm
I found this interesting, which is under the evidence tab on the webpage.
Quote:
The following interview was with the writer of FFVII, FFX and FFX-2, Kazushige Nojima. It appeared in the official Japanese FFX-2 Ultimania Guide. Therefore, the primary source is in Japanese. That source can be found here. We do have an English translation done, however, so here is the excerpt from that interview when Nojima is asked if there is a connection:
-- Is there a connection between Shinra and FFVII?
Nojima: Yes, actually. After Shinra quit the Gullwings he got enormous financial backing from Rin and went to the Farplane to start extracting the Mako energy used by the Vegnagun. But the system for utilizing this energy could not be completed in his generation, so far in the future when space travel was possible, the Shinra Company was founded on another planet... or something like that. That would be a thousand years or so from this game's story.
-- And VII's story takes place after that?
Nojima: Well, you could say that's how I personally feel about it.
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So i think that there is a connection between both worlds.