Mumbai-based Cinemax India Limited (Cinemax), a Kanakia Group company, aims to add 45 screens every year as part of its expansion plans. The company, which is focused on family entertainment including theatre exhibition, gaming and food court business with limited interests in mall development, plans to add 40 more screens this fiscal to its exisiting 97 screens across India.
“About Rs 1.5-2 crore is required for each screen, depending on the market location. We are planning to add two more theatres in Gujarat in Baroda and Surat by March. With a Rs 195 crore topline last year, we expect a growth of 30-35 per cent for our multiplex business,” said Devang Sampat- President for Cinemax India Ltd said, during the launch of the company's third multiplex in Ahmedabad. The new multiplex —Cinemax-Shiv, will be the second single-screen converted into multiplex model after Cinemax acquired Red Carpet in Ahmedabad. Sampat added that the company has received many proposals from single screen theatres in Ahmedabad for conversions into multiplex, but has not shortlisted any for the near future.
This stand-alone Cinema Shiv has been one of the legendary movie-watching destination and has been a famous landmark. This new multiplex will have Cinemax technology, lighting, acoustic sound system with a total of 657 seats in three screens. With the launch of this property, the Cinemax tally reaches to six multiplexes in Gujarat and total 30 multiplexes in the country.
The multiplex chain is also planning to expand its gaming business ‘Giggles- The Gaming Zone’ in order to cash in on the opportunities of the growing gaming market. The multiplex chain is planning to start three gaming zones this fiscal to achieve its topline target of Rs 3.5 crore.
“We plan to build up a topline of Rs 10 crore in the next two years for Giggles. Expanding the gaming zones will create many opportunities as they lend a family experience. While we mostly offer video games from the gaming zones so far, the bowling games will start soon,” Sampat added.
