MUMBAI: Chennai based Pyramid Saimira Theatre Group has exited from distributing Hindi movies due to non-viable cost structures of the Hindi film industry. Pyramid Saimira has so far distributed four Hindi movies namely – Jimmy, Mukhbir, Sirf and Halla Bol. The company is also going to be distributing Jagmohan Mundhra’s Shoot On Sight.
Additionally, the company has also deferred its plans to list its production arm – Pyramid Saimira Productions on the bourses.
Apart from this, Pyramid Saimira Theatre has put a lid on its expansion plans and has shut a total of 33 screens in western and northern India. While 25 screens in western India have been shut over the last two months, an additional eight were closed in northern India as per Pyramid Saimira Theatre managing director PS Saminathan.
The company reviewed its expansion plan for the fiscal year in view of the high inflation, slackening of demand for entertainment and food products and constraints of margins in the leisure industry.
In view of profitability in Malaysia and the US, the company’s plans therein will be continued. Operation of the company will be expanded in China in view of the joint venture with the Ministry of Culture and ceding of entertainment business in Mainland China.
On the other hand, the management of the company has also decided not to focus on core European markets and will drop plans of acquisitions in the UK and Europe.
These changes, the company believes, will consolidate the business and focus will now be in on its core strength in the South Indian media and entertainment sectors.