Monday, September 21, 2009
Mexican company invests in Indian cinema halls
Mexican cinema chain Cinépolis will invest 160 million dollars in south India for setting up multiplexes across the four states. This will make India the country with their largest market outside Mexico. They will open around 500 screens, 50 per cent of which will be in the southern cities, in the next seven years and for every screen, they will be spending around $700,000.” Most of the funds would go in rentals and in developing screens. The amount would be funded through internal accruals. Cinépolis is in talks with 200 mall developers and had signed up for around 110 screens in eight cities, of which 62 per cent are in the south. It would commence operations by the second half of 2009. Its first screen is scheduled to be launched in November at Amristar. The company, the fifth largest theatre chain in the world, is aiming to move up to the fourth slot. It operates more than 2,000 screens in six countries.