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2014-10-01

Cinepolis to invest Rs 1,000 crore to touch 400-screen mark

The company launched its six-screen multiplex at Inorbit Mall on the Alembic-Gorva Road

Mexico-based cinema multiplex chain Cinepolis has announced to invest around Rs 1,000 crore to have 400 screens in the country by 2017, as reported by PTI.

 

"We're the first international multiplex chain to begin operations in Vadodara city. We already operate 18 cinema screens in Gujarat, which is the highest in any state. This is a key territory in our overall growth plans to reach our 400 screens target by 2017," Javier Sotomayor, MD, Cinepolis India told PTI.

 

The company launched its six-screen multiplex at Inorbit Mall on the Alembic-Gorva Road.

 

He said that today's multiplex launch coincided with the 43rd anniversary of Cinepolis which was founded on September 30, 1971. Since then it has run multiplex screens in 11 countries including Mexico, the US and others.

 

In India, Cinepolis ranks fourth among Indian competitors in terms of number of screens.

 

"We do not see any difficulty in reaching our target of 400 screens across India despite a slowdown in the real estate business due to which construction of malls have got delayed," added Sotomayor.

 

Cinepolis India's Director (Expansion) Ashish Shukla said that the company plans to open another 41 screens before the end of the year and cross the 100-screen mark, including three megaplexes.

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