Pyramid inks JV with realty co
PYRAMID Saimira Theatres (PSTL), the Chennai-based movie theatre chain, has formed a joint venture with Delhi-based real estate firm Baderwals Infraprojects to set up a chain of 200 integrated leisure and shopping destinations with an estimated investment of Rs 12,000 crore. PSTL will hold 49% stake in the newly-formed company called Baderwals Pyramid Development, while Baderwals will hold the remaining equity. According to PSTL managing director PS Saminathan, Baderwals Pyramid, besides being the largest chain of its kind in the country, would also develop an array of single largest chain of multiplexes, budget hotels, hypermarkets and shopping malls. “Out of these 200 destinations, big cities and smaller cities would have 100 each. Approximate construction cost per destination would be Rs 80 crore for big cities and Rs 40 crore for the smaller ones,” said Mr Saminathan. PTSL has recently formed a special purpose vehicle (SPV) with Shriram Mall Infrastructure, a south India-based firm to set up 100 malls-cum-multiplexes. In the SPV, Shriram holds 70% equity while PTSL holds the remaining. PSTL, a worldwide theatre chain company, with presence in all categories of theatres including mall, multiplexes, cineplexes and stand-alone theatres, now comes to India with world-class technology, aiming to revolutionise the theatre experience in the country. Pyramid has lined plans to set up 4,000 multiplexes in the US, another 250 in China and 1,500 in Europe. The Indian entertainment industry has undergone a sea-change in the last few years. The industry is projected to grow at 18% annually and is expected to be around $3.4 billion by 2010. The major driving factor in this growth would be technological advancement in production, exhibition and marketing. PTSL has tied up with Asian Integrated Industries to set up a theatre chain in Malaysia with 150 multiplexes and single screen theatres spread all over Malaysia.
Courtesy: EconomicTimes
For more detail in Retail India visit: www.retailindia.tv
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