| Cinemax to add 500 screens over 5 yrs |
| Our Bureau / Pune July 21, 2006 |
| The Kanakia Group, known for its Cinemax chain of multiplexes, today announced investment plans of Rs 500 crore for adding 500 screens across the country over the next five years. The group currently has 10 properties featuring 33 screens. Devang Sampat, general manager (marketing and sales) of Cinemax, said: "We will add 113 screens in 33 locations by 2008 out of which 18 will be based on our luxurious Red Lounge experience. Our target is to add 500 screens in five years." A predominantly Mumbai-based group that had only one multiplex outside of Mumbai at Nashik, it is now looking at cities like Guwahti, Nagpur, Kolkata, Hyderabad, Lucknow, Delhi, Bangalore and Ahmedabad for expansion. The group has signed a memorandum of understanding with Kumar Builders in Pune for opening two five-screen multiplexes. A 4,00,000 square feet multiplex at Kalyani Nagar will be completed by Novemeber 2008, and the other at Karve Nagar spread across 2,00,00 sq ft will be completed by March 2008. "We are investing Rs 22 crore for setting up these multiplexes here," Sampat said. The group has also diversified into education and retail (with two malls in Thane), and is also planning a foray into hospitality. "We are planning to open one mall every year for the next five years. This December, we will open one in Nagpur, which will be spread across 1,00,000 sq ft it under our flagship brand |
