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Home / India News / 2007 / January / January 10, 2007
Essel Group to set up 50 Multiplex-Malls in Andhra, to invest Rs 250 Cr

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Essel Group to set up 50 Multiplex-Malls in Andhra, to invest Rs 250 Cr

Hyderabad... 10 January 2007: The USD 5 Billion Essel Group has plans to transform the entertainment landscape of Andhra Pradesh. After entertaining Andhraites through its' Zee Channels, Siti Cable, Dish TV, the Group is now planning to establish multiplexes throughout the state.

In a bid to become the country's largest movie theatre chain, Fun Multiplex, part of the Essel Group, will open 50 family entertainment centers across Andhra Pradesh with an investment more than 250 Crores within a period of 3 years. Each project will have a multi-screen cinema, shopping complex, food court and gaming zones. The target is to open world class multiplexes in the entire AP, adding more than 200 cinema screens in the small and big cities of the state. The Group is already executing similar projects in Gujarat and Rajasthan, with a total investment of approximately Rs 1000 Crores.

The Company has called for EOI's (Express of Interest) for these projects for buying or leasing of land, joint development and tie-up with local developers to facilitate construction. The Company has received serious queries from many retailers, who are keen to exploit the synergy that this expansion offers.

"AP is an attractive market for cinemas, with its cities having a vibrant multi lingual audience, offering strong exhibition potential not only for Telegu movies, but also for regional and Hindi movies. It is a market, where we intend to make a deep and long term business investment commitment." Mr. Atul Goel, CEO, Fun Multiplex said.

"The Company is also planning to have 300 digital screens which would be spread in those areas where the company does not have Multiplex or budget cinemas. This is because digital cinema is seen as a major driving force to make the business module consolidated for better business and operational interests. The Company's initiatives shall have significant positive impact on entire exhibition business in Andhra Pradesh." Company's Vice President Mr. Manish Dhoot added.

The Company is one of the leading players in Multiplex business with 40 Screens operational at 12 locations across India and the company is targeting approx 175 screens at 40 locations across India by the end of 2008.

Issued for and on behalf of Essel Group by:
Solus Media, Tel (040) 23230750 / 9848042020

Solus Media
409 C, Babukhan Estate, Basheerbagh, Hyderabad. Andhra Pradesh - 500001. India.
Ph: 0091-40-23230750 Fx: 0091-40-23241484, Cell: 098480-42020

Source: Solus Media

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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