MUMBAI: Financial services and real estate development company India Bulls has forayed into the multiplex business under brand name of Bullseye Digital Cinema. The company launched its first three -screen leased property at Destination Mall in Faridabad on 27 March. India Bulls is already operating its food court and hyper store in the mall.
At a time when the economy is slowing, real estate prices are going through a correction, exhibition companies are re-valuating their cinemas and producers have announced a strike from 4 April, India Bulls has marched in, to a city where there are already six multiplexes. What’s more, recently Cinemax shut its property and Movietime renounced its property to the landlord in the city.
Speaking exclusively to Businessofcinema.com India Bulls CEO Retail and Multiplex Anil Lepps says, “Our cinema is just a kilometer’s drive from Delhi city and is the first cinema when one enters Faridabad from Delhi. Since this is just the start, we did not want to open up in the centre of the city with a big noise. We thought it is better to do a soft launch and test the market and our systems, especially in such turbulent times.”
Initial plans were to roll out 20 screens in the first year of operations. “However, since all mall constructions are on hold now, there are no benchmarks currently. We will go slow and learn without losing money,” adds Lepps.
Lepps, however, declined to share the investment capital and projected market share.
Bullseye plans to operate both leased and owned cinema properties in Tier I and II towns. These will operate with 2K digital projectors.