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Our Bureau

Chennai , March 10

The Chennai-based Telephoto Entertainment, through its 100 per cent subsidiary, AGS Properties, has signed an agreement to buy a 17-ground property in Arumbakkam in Chennai where the company plans to set up a multiplex.

The majority shareholder in Telephoto is SSI Ltd, promoted by the Kalpathi family.

According to a company press release, the multiplex will come up within an entertainment complex will go live in 2007 and will have five screens and a food court.

Telephoto had earlier this year bought a property in Villivakkam to build a similar multiplex. This project will be ready by the last quarter of this year. The company plans to set up 30 screens across Tamil Nadu.

The two multiplexes and the land cost is being funded by Telephoto through a combination of debt and equity including the money raised by the company in the last preferential offer of stock subscribed to by SSI Ltd.

More Stories on : New Projects | Cinema | Tamil Nadu

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