MUMBAI: Mediaone Global Entertainment has finalised the acquisition of three theatres in Chengelpet District of Tamil Nadu.

The company plans to acquire 20 more theatres in tier II and III cities by the end of March 2007 – 2008. Plans are also afoot to raise Rs 900 million (Rs 90 crore), which will be used for acquisition of more theatres and for production and distribution of films.

Mediaone Global Entertainment managing director Suriyaraj Kumar says the business of the company lies in three areas – production, distribution of films and exhibiting the same through theatres. The company is producing a Tamil film titled Dhaam Dhoom, starring Jayam Ravi, Kangana Ranuat and Lakshmi Rai.

An official release states that the company’s strategy is to acquire theatres on an outright basis, and then refurbish them with digital projectors and air conditioners.

Kumar adds that the company is co-producing an English film titled Telling Lies through its wholly owned subsidiary in the UK. The company has also tied up with Bhagyalakshmi Films in Karnataka for the distribution of films in state.