Pyramid opens China cineplex; invest Rs 1.5 bn in 6 mnths

Mumbai: The JV between India’s Pyramid Saimira Theatre and China’s Longzhe Culture and Theatre Limited, China (PLCTL) has launched its first theatre in Huainan, China called Huainan Pyramid Longzhe Theatre Entertainment Tower.
Plans are afoot to invest a further Rs 1.50 billion (Rs 150 crores) for further expansion in China. Pyramid Saimira Group will be investing a total of Rs 4 billion (Rs 400 crores) in China’s Jiangsu Pyramid Longzhe Group.
Huainan Pyramid Longzhe Theatre Entertainment Tower is a two screen cineplex with a total seating capacity of 290 seats. Equipped with the latest digital projectors, the theatre also has a gaming zone and food court. The theatre also consists of a bunch of private rooms for music and entertainment called KTV. The theatre was inaugurated by PLCTL director Uma Saminathan with the mayor of the Huainan,  Sun Quan Yu CPC secretary He Xiao Xiang. The first film to be run here is Red Rock.
Saminathan said, "This is a very prestigious moment for us. Hunainan Pyramid Longzhe Theatre Entertainment Tower is just a sign of emergence of growth in formal entertainment sector in China. Our main aim is to provide the people of China with international standards of entertainment and hospitality and our theatres/ our music/ our films/ our other cultural events/ our training setup in film and drama would be a symbol of that."
Pyramid Saimira’s Chinese joint venture COO Venkat added, "We always knew that China was a huge potential market to tap and after signing the historic deal with CSMRB, we initiated work at a very brisk pace. Huainan Pyramid Longzhe Theatre Entertainment Tower is one in a series of six more entertainment towers, which would be launched by PLCTL by December."
Pyramid Saimira and CSMRB, had signed a cultural cooperation agreement, which has paved the way for this business launch in March. The group is all set to launch 25 more theatres, which are all in prominent locations, apart from seeding other facets of the entertainment business.
Next in line for Pyramid and Longzhe Culture and Theatre Limited, is Liyang Pyramid Longzhe Theatre Entertainment Tower in Liyang, which is spread over 3500 sq ft. This cineplex which consists of four screens would be ready by November 2008.