The Hindu Business Line : Pyramid Saimira to invest Rs 250 cr in media SEZ

Pyramid Saimira group, the Chennai-based entertainment company, has lined up plans to raise $650 million to fund its growth plans, which include development of a media SEZ and production of films. The company is going to will invest about Rs 800 crore in different languages. in film production in different languages.Addressing a press conference here on Thursday, Mr P.S. Saminathan, Managing Director, said the company would float a second issue to raise $400 million, while preparing maiden public issues of its two subsidiaries - Pyramid Saimira Production International and Dimples Cine Advertisement. "We will file for prospectus with the regulator. Together, we may raise $200-$250 million," he said. "We would have invested $1 billion in all by June, 2008," Mr Saminathan said.Of this, the company would invest Rs 200-Rs 250 crore for the special economic zone it is was planning for the media industry. "We are looking at Bangalore, Chennai and Hyderabad to locate the SEZ."

We will be ready with the blueprint in the next few months," he said. The SEZ was likely to attract investments to the tune of $1.5-2 billion and provide one lakh jobs.

Acquires gaming co

On Thursday, the group announced acquisition of the UK-based gaming solutions company Aurona Technologies for an undisclosed consideration. It included acquisition of the private equity holding. Using the strength, Pyramid Saimira plans to establish gaming areas across all its cinemas. "Of the six million sq ft area we have in 800 screens, only 2.2 million is being used for box office. We will set up interactive gaming facilities in at least 100 theatres in the next few months," he said.He, however, said that it was not a tested market. "It still remains to be seen how many of the patrons could be converted into gaming users. We hope to convert at least 5-10 per cent of them to begin with," he said.

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