Companies

Carnival Group plans to launch 300 multiplexes

V. Sajeev Kumar Kochi | Updated on July 09, 2014

The company is all set to achieve its dream of launching 300 screens across the country by the end of this fiscal, Shrikant Bhasi, Chairman, Carnival Group said.

The Mumbai based Carnival Group’s vision to launch 300 multiplexes pan India is close to becoming a reality with the company’s robust initiatives in its acquisition plans.  

With the buying of HDIL’s multiplex chain Broadway Cinemas in Mumbai recently, Carnival has already in possession as many as 125 screens in various parts of the country. Negotiations for another 110 screens are in progress and the company is all set to achieve its dream of launching 300 screens across the country by the end of this fiscal, Shrikant Bhasi, Chairman, Carnival Group said.

By achieving the set target, Carnival Cinemas, a division of the group, aims is to emerge as a No.2 player in the entertainment business thereby giving diverse movie watching and quality experience to customers, Bhasi who was here for a brief visit to his home town told Business Line.  

The group, with diversified business in hospitality, media and entertainment, has earmarked an investment of ₹600 crore for its acquisition plans to become a big player in the multiplex business. The Broadway Cinemas was bought for an amount of ₹110 crore and the deal was concluded last week, he said.  

“Our journey began from Kerala but this step of acquiring HDIL’s Broadway Cinema is one more step towards achieving our aim of Vision 300. The company has laid a roadmap to become a major player in the entertainment business across the country by providing new technology and facility for movie watching”, Bhasi said.  

Carnival is currently present in Kerala, Karnataka, Tamil Nadu, Maharashtra, Madhya Pradesh, UP and West Bengal and has already established its brands in movie production, distribution as well as a music label.

The company, with interests in the business of restaurants and food courts, also proposed to invest another ₹175 crore to increase the number of its food outlets from 16 to 50 by the end of next year. The food courts are spread across in Kerala, Karnataka and Tamil Nadu, he said.  

Published on July 09, 2014

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