Inox Leisure expands in Jaipur, bags multiplex

INOX Leisure has entered Jaipur after acquiring the Vaibhav Multiplex at Vaishali Nagar. It has also signed up 2 Letters of Intent at Crystal Palms (expected to be operational by December 2006) and Benzer (expected to be operational by January 2008).

Manoj Bhatia, CEO "� INOX Leisure Ltd. said, "The acquisition of the Vaibhav multiplex is in line with our expansion plans and the multiplex will be on par with our other properties ensuring that movie goers in Jaipur enjoy the INOX experience."

All INOX multiplex properties are located in premium locations and symbolize excellence in design, ambience, features, safety and service.

Fitted with state-of-the-art equipment, they provide a superior cinema viewing experience comparable with the best cinemas across the world. INOX Vaibhav is a 2 screen multiplex with 787 seats while INOX Crystal Palms & INOX Benzer will have 3 screens and 750 seats each.

INOX has a wide presence with 8 operational multiplexes, with a total of 32 screens, across 7 cities - Mumbai, Pune, Vadodara, Goa, Jaipur, Kolkata (2 multiplexes) and Bangalore. INOX, in the six years of its existence, has emerged as one of the fastest growing multiplex chains in the country.

INOX, which was awarded the 'Best Entertainment Retailer' at the ICICI Retail Excellence Awards, 2005, now plans to expand its network with new multiplexes in Hyderabad, Chennai, Lucknow, Vishakhapatnam, Raipur, Kolkata, Darjeeling, Bangalore and Jaipur.

To finance the expansion plans and consolidate its position in the existing markets, INOX Leisure Ltd has proposed to enter the capital market with its Initial Public Offering of equity shares.

The Company has filed its Draft Red Herring Prospectus with the Securities and Exchanges Board of India to issue 16,500,000 Equity Shares of Rs. 10 each, including an offer for sale by its Promoter, Gujarat Flurochemicals Ltd. of 4,500,000 Equity Shares of Rs. 10 each through book building route.

In addition to these, INOX has also entered into an alliance with Pantaloon Group of companies which provides it with a preferential access, as a multiplex operator, to real estate developments by the Pantaloon group.