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Spirit Global to develop malls in Punjab
Our Bureau
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Investment put at Rs 2,000 cr
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It has tied up with Pyramid Saimira Theatre
New Delhi
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Aug. 9
The Delhi-based Rs 500-crore real estate developer Spirit Global Constructions Pvt Ltd announced the development of 60 malls and multiplexes in Punjab in the next 36 months with an investment of Rs 2,000 crore.
It has also tied up with Pyramid Saimira Theatre Ltd for setting up 180 screens in these multiplexes during the same period.
"We have already begun work on two malls in Ludhiana and one each in Zirakpur and Hoshiarpur. We will concentrate in tier-II and tier-III towns of Punjab for the development of these commercial projects," said Mr J.K. Malhan, Managing Director, Spirit Global.
Mall features
The company would invest part of the money by itself and the rest through foreign direct investment.
Under the tie-up with Pyramid Saimira Theatre, the malls will have multi-theatre entertainment featuring pay per view parlours, interactive video conferencing, web streaming, context based advertisement, online and multiparty gaming among other features.
Mr P.S. Saminathan, Managing Director, Pyramid Saimira, said: "We will invest Rs 140 crore in these 180 screens in Punjab under the tie up. Nationally, we will have about 700 screens in the next one year, including around 300 screens in the Gujarat-Mumbai region." The cities identified for the first phase of development of malls include Patiala, Amritsar, Jalandhar, Gurdaspur and Faridkot among others.
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