Multiplex chain operator Cinemax India Ltd plans to invest Rs 100 crore and double its screens to 200 by 2013, a top company official said here.
"We are investing Rs 100 crore in the next three years period. We plans more than 200 screens launching in PAN India by 2013," Cinemax India's CEO Sunil Punjabi told PTI on the sidelines of a conference to celebrate its 13th Anniversary here.
The company is investing Rs 45-50 crore in the next six months period to add 30 screens.
"The project will be financed through internal accruals and debt initially. We may also raise capital after a year, either through QIP or a follow-on issue or other fund-raising instruments," Punjabi said.
The company is in the process of phased expansion via new setups and strategic acquisitions, Punjabi said.
Cinemax is one of the largest exhibition theatre chains in India, operating 33 properties with 105 screens in 18 cities.
The company is targeting turnover of Rs 240 crore in FY 11 and Rs 380 crore in FY 12. The company has registered a turnover of Rs 180 crore in FY 10.
"We are growing into tier-II and tier-III towns. Our Delhi multiplex with the gaming zone will be up in March 2011," Punjabi said.
From a growth perspective, the company is focussing more into markets where traditionally cinema consumption has been fairly high.
One of the largest owners of multiplex properties in India, Cinemax also has a strong relationship base with both Indian and foreign film distributors, Punjabi said.
The company is also looking into entering into gaming zone, which has huge potential.
"We already have Giggles. We are adding a youth entertainment gaming brand, Versus. The cost per outlet of this is Rs 40-50 million. Versus will be set-up in our Delhi multiplex. We are in the process of signing up two to three more," Punjabi said.
