Financial Daily from THE HINDU group of publications
Thursday, Dec 15, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 15, 2005 |
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Corporate
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Announcements E-City Ventures in expansion mode Our Bureau
New Delhi , Dec. 14 E-CITY Ventures, the real estate and entertainment arm of the Essel Group, has chalked out aggressive expansion plans that includes development of commercial realty, increasing the number of multiplexes, providing mall management services and other related advisory services. According to Mr Atul Goel, CEO, E-City, "The company is planning to develop and operate 20 lakh sq ft of commercial realty across six family entertainment centres by December 2007." Along with this, it is also hoping to put in place 140 cinema screens operational in 35 locations by the second quarter of 2008. The company had envisaged investments of Rs 500 crore till 2008 and has already utilised half of the proposed funding. "We are essentially in the cinema business but we have leant to do the cinema business in a better way by entering related and allied industries, thereby reducing the level of risks," Mr Goel said. On the revenue front, the company plans to end the current calendar year with a turnover of Rs 19.24 crore, which is expected to more than double next year to Rs 44.54 crore and grow to Rs 83.20 crore in 2008. E-City has been leasing its property and hence the revenue numbers have not been very large. Also, the high tax structure has impacted the profitability of the company, added Mr Goel. E-City is also planning to expand its film distribution business. In the recent past, it has distributed Alexander, One Dollar Curry, Million Dollar Baby and Sahara in India and plans to distribute 15-20 movies a year.
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