Singapore's Cinemata Entertainments to manage 300 single screen cinemas in India with an investment of Rs 3 billion.
MUMBAI: With Mumbai based entertainment players Ashtavinayak and Adlabs hoping to control and manage 100 and 500 cinemas respectively within a year or two, now it’s the turn of Singapore based multinational company, Cinemata Entertainments to manage as many as 300 single screen cinemas in India.
In the first phase, the company is planning to invest Rs 3 billion (Rs 300 crores) for the same. It has already signed 200 MoUs with 200 theatre owners in India. Maharashtra is being looked upon as its major theatrical base.
By early 2007, Cinemata is planning inroads to the country through Gujarat where it aims to revive 30 cinemas with an investment of Rs 500 million (Rs 50 crores). Cinemata has already bought four properties in Ahmedabad, three each in Surat and Vadodara and two in Anand. In all cinemas from 22 towns in Gujarat including Patan, Kalol and Bijapur are being looked at.
Cinemata CEO Raj Grover says, “Our company aims to be India’s largest film exhibition and distribution company. Irrespective of A, B or C class centres, we aim to offer premier quality show, like that of Hollywood standards at half the cost. We will buy theatrical rights of Bollywood and Hollywood movies and show it via satellite. The acquired theatres will be transformed into family entertainment centers facilitating gaming zones, food courts and utility services under one roof.”
