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Inox Leisure multiplex to open in Chennai
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The company has entered into an alliance with the Pantaloon Group, which gives Inox preferential access to real estate development that is either funded or managed by the group.
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Chennai
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Jan. 16
INOX Leisure Ltd, which operates a chain of multiplexes in seven cities, is all set to open in a new mall at Radhakrishna Salai in Chennai in June.
Mr Manoj Bhatia, CEO, Inox Leisure Ltd, said that besides Chennai, the company plans to open multiplexes in Hyderabad, Visakhapatnam and three properties in Bangalore. Inox also plans to set up shop in Indore, Darjeeling, Lucknow, Jaipur, Raipur, Kolkata and Kharagpur.
The multiplex in Chennai will have five screens with a seating capacity of 1,156 seats. The investment would be between Rs 2 and Rs 2.5 crore per screen, he said.
Mr Bhatia pointed out that Chennai has been identified as a primary market for the company.
The other important markets are Kolkata and Bangalore. Inox has eight operational multiplexes and a total of 32 screens. These multiplexes are in Pune, Vadodara, Kolkata, Goa, Mumbai, Bangalore and Jaipur. All the Inox multiplexes are located in city centres and cater to the premium segment.
The company has also entered into an alliance with the Pantaloon Group, which gives Inox preferential access to all the real estate development that is either funded or managed by the group.
Inox has fixed a price band between Rs 100 and Rs 120 per share for its initial public offering.
It is entering the capital market with an offer of 1.65 crore shares of Rs 10 each for cash through the book-building process.
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