E-City plans Rs 250cr capex

E-City Ventures, promoted by the Essel group, is planning to spend over Rs 500 crore by 2008 to expand its business across the country.

"Out of Rs 500 crore, the company has already invested Rs 250 crore," an official release from the company said.

E-City Ventures plans to enter realty development, mall-based property management, digital cinema solutions, film distribution and movie exhibition.

"We are essentially in the cinema business, but we have learnt to do the cinema business in a better way by entering related and allied industries thereby maximising value and reducing the level of risks," Atul Goel, CEO of E-City Entertainment India, said.

E-City is planning to develop and operate six family entertainment centres by December 2007, and Fun Multiplex plans to have 140 screens operational in 35 locations by the second quarter of 2008.

E-city Films is aiming at distributing around 15-20 movies every
year.