Bollywood actor Ajay Devgn's NY Cinemas Wednesday tied up with realty firm Elan group for setting up a 5-screen multiplex in a Gurugram shopping mall which is being developed at a cost of Rs 450 crore.
This is the first ever tie-up of NY Cinemas in north India. Currently, NY Cinemas has 15 operational screens across the country and has already signed 60 more.
Devgn, who launched a multiplex chain under the brand name NY Cinemas, is targeting 250 screens in the next 4-5 years.
Elan Group is investing Rs 450 crore to develop a luxury retail project 'Elan Epin' at Gurugram with a built-up area of 7.5 lakh sq ft. This project will house a 5 silver screen multiplex with an area of 46,000 sq ft.
On the tie-up, the Bollywood star said, "By being their marquee cinema, we take a step closer towards providing a world-class cinema experience to movie lovers and promoting an inclusive environment."
On expansion, Devgn said NY Cinemas intends to have presence in every parts of the country.
When asked about threat to cinemas from digital media, the actor said: "Experience of cinema has not gone down globally."
NY Cinemas CEO Rajeev Sharma said the company has acquired single screen cinemas and converted into multiplex at Hapur and Gazipur in Uttar Pradesh.
The company would look out for such acquisitions and also tie up with developers for expansion, he added.
Elan group MD Ravish Kapoor said, "We are confident that this association will not only enhance the experience of movie goers in Delhi/NCR, but also allow NY Cinemas to offer its services to much wider audience."
Kapoor said this shopping mall and multiplex will become operational in 2021-22.
Elan group already has a tie-up with PVR Cinema for 15 screens in its various commercial projects in Gurugram.
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