MUMBAI :Shringar Cinemas Limited announced that it will foray into the food court business through a 100% owned subsidiary Oxford Multiplex Cinemas Private Limited. The food courts will operate under the brand name of ‘Via 1 Food Street’.
The Company will be formally launching food courts in two of Shringar’s upcoming properties at Chandigarh and Surat. Over the next couple of months, MoUs for opening 4 (four) more food courts will be signed. Initially, the Company plans to introduce the food courts only in Fame multiplexes, but on a later stage would explore other opportunities as well.
Oxford Multiplex has also appointed Mr. Rishi Negi as the Chief Executive Officer. Mr. Rishi Negi, 33 years, has approximately 12 years of experience in setting up and managing fine, casual and quick dining restaurants. He has earlier worked with the Taj Hotels Resorts and Palaces and as the Chief Operating Officer (COO) of Pizzeria Restaurants, which operates the Pizza Hut brand in Maharashtra and Tamil Nadu.
Commenting on the development, Shravan Shroff, Managing Director, Shringar Cinemas Limited, said, “As part of our de-risking strategy we have launched the food court business, which apart from arresting the revenue volatility of the film exhibition business will also maximize return on investments.”
Describing the Company’s growth plans and his challenging assignment, Mr. Rishi Negi, C.E.O., Oxford Multiplex Cinemas Private Limited, said, “We are extremely delighted to announce our foray into the food courts business. There is a tremendous synergy between food and entertainment, and Oxford Multiplex plans to capitalize on it. India is truly on a threshold of a new economic surge, and the average Indian is not hesitant to explore the good life. Evidence of this is the number of entertainment centers and multiplexes sprouting up all over the country. Food courts will provide that vital link in the value chain. We therefore believe there is huge growth potential for our food courts venture.”