MUMBAI: Pyramid Saimira Theatre has inked a memorandum of understanding (MoU) with Baderwals Infraprojects to form a SPV (special purpose vehicle) for construction of 200 malls-cum-multiplexes in four years.

The project is expected to cost an estimated Rs 120 billion (Rs 12,000 crore).

Banderwals, which is one of the land bank and integrated real estate Group in India, will operate 51 per cent in the SPV Baderwals Pyramid Development, whereas Pyramid Saimira will hold 49 per cent, says a release.

The project envisages the development of 200 state of the art integrated leisure and shopping destinations, primarily across the northern part of India.

The project, adds the release, will consist of multiplexes, budget hotels, malls and hyper markets.