Cinemax India to add 30 new screens in five months

NEW DELHI: Multiplex chain operator Cinemax India today said it will add about 30 new screens in the next five months to enhance presence across India entailing an investment of Rs 45 crore.

The company that currently has around 105 screens is looking to strengthen its position in the cities such as Hyderabad, Pune, Bangalore, Surat, Raipur and Delhi.

"We are investing Rs 45 crore to set up additional 30 screens that are at various stages of development and will all be operational by July this year," Cinemax India CEO Sunil Punjabi told PTI.

He said the company is looking to consolidate its presence in cities it currently operates, besides entering new locations.

In the gaming segment, Cinemax will set up a new gaming unit under 'Versus' brand in Delhi entailing an investment of Rs 15 crore by March this year.

"The new format will cater to youth and family at the same time. We are also looking at 2-3 other locations for the same brand, but it has not been finalised yet," Punjabi said.

The company is also looking to revamp its existing gaming brand 'Giggles' that primarily cater to kids and family by changing the look and feel of the destinations and introducing new games. It has three 'Giggles' outlets at present.

Cinemax also had plans to foray into film production business, but that has been put on the back burner for at least a couple of years.

"We are not ready for it (film production) yet. We would first want to consolidate our presence in the film exhibition business as it is the focus area," he added.

In 2009-10, Cinemax India posted net sales of Rs 134.60 crore and net profit of Rs 6.03 crore.

The company's scrips closed at Rs 53.30 per share, down 1.39 per cent from the previous close on the Bombay Stock Exchange.