Mexican global multiplex operator Cinepolis plans to invest 340 million dollars in India for its film exhibition business over the next seven years. It has already established an Indian subsidiary that is in talks with mall developers for opening 500 movie screens by 2016. In the first phase of expansion, the company will open 110 screens across eight locations. The company said it will open its first multiplex in India by the second half of this year.
A $675 million film exhibition company, Cinepolis operates over 2,000 screens globally, 90 per cent of which are located in Mexico. The company, which is currently the fifth largest theatre chain in the world, is aiming to move up in the ladder to the fourth slot and its India venture is part of the company's plans to expand its global footprint.
Cinepolis also plans to introduce the concept of a megaplex where each theatre will have up to 14 screens. "We will make India the country with our largest presence outside Mexico. We will open around 500 screens in the next seven years and for every screen, we will be spending around $700,000," Cinepolis India country head Milan Saini said today at the launch. "We are also looking at launching our operations at a smaller scales, whereby we may convert some of the single screens into multi-screen property. There is a space constraint issue here and we have to adjust our business plans accordingly," Saini said. Most of the fund would go in rentals and developing of screens and the amount would be funded by internal accruals, he added.