The Hindu Business Line : Cinemax focus on setting up 300 screens

Ahmedabad, April 4 Cinemax India Ltd, the Mumbai-based entertainment company focusing on exhibition, gaming and food court businesses, plans to invest a total of Rs 760 crore in setting up 300 screens with 76,000 seats at multiplexes around India.

The multiplex chain currently has 19 properties with 56 screens and 10,000 operational seats in four States — Maharashtra, Gujarat, Haryana and Assam. The per-seat investment is up to Rs 1 lakh. The chain is also expanding to Hyderabad, Chennai and Bangalore in the South.

The Kanakia Group company, which raised Rs 108 through an IPO in February 2007, is chalking out further plans to have a total of 500 screens across the country by 2012, said Mr Devang Sampat, Senior Vice-President (Business Development, Marketing and Programming), here.

The first Cinemax theatre, a stand-alone single-screen, began at Goregaon (Mumbai) in 1997.

For this, Cinemax is leasing properties at different places while it would have its own malls at Nagpur and Thane, he told newspersons on the eve of the launch of the first three-screen Cinemax in Ahmedabad by Bollywood couple Ajay Devgan and Kajol on April 4.

The company already has multiplexes at Gandhinagar and Himmatnagar in Gujarat and plans to have 40 screens with nearly 10,000 seats in different towns and cities of the State by 2010.

Replying to a question, Mr Sampat said that unlike some other multiplexes, Cinemax has financially survived because it combinescinema, gaming and food, offering 360-degree entertainment to the whole family.

In 2007-08, the listed company’s revenue was projected at nearly Rs 110 crore.

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