MUMBAI: E-City Ventures promoted Fun Cinemas, which has registered a growth of 176 per cent in the past one year, is plotting major infrastructure plans across the country. As was first reported by Businessofcinema.com, Fun Cinemas is targeting 1500 new screens (including multiplex and single screens) by the year 2011.
Out of these 1500 screens, 300 screens have been earmarked for multiplexes while the rest would be single screen theatres. With properties in cities like Chandigarh, Panipat, Jaipur, Gulbarga, Agra and Lucknow, Fun Cinemas is making its presence felt all over. Says Atul Goel, CEO, E-City Ventures, “Our growth strategy is clearly focused towards tier 2 and tier 3 cities, the markets in those cities are just waiting to explode.â€
In an earlier conversation with Businessofcinema.com, Fun Cinemas vice president marketing Shirish Handa had said that Fun is planning to invest more than Rs 40 billion in its expansion plan. However, the budgets have been revised now. Adds, Goel, “Currently we are planning to invest Rs 500 crore (Rs 5 billion) in the infrastructure development of multiplexes and single screens all over the country.â€
The co-existence of multiplexes along with mall-powered consumerism has led to a significant increase in the number of multiplexes in India. Moreover, the conventional single screens are increasingly becoming an investment option for the multiplex players to convert into multiplexes.
At the moment Fun Cinemas operates 47 cinema screens in 10 cities and 14 locations like Ahmedabad, Mumbai, Chandigarh, Delhi, Ghaziabad, Lucknow, Agra, Jaipur, Panipat and Gulbarga.
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