Mexican multiplex plans India foray

NEW DELHI: Mexican multiplex chain Cinepolis (also known as Organizac��on Ram��rez) is learnt to be looking at entering the Indian exhibition space.

If the company���s plans are finalised, it would mark the entry of the first foreign player in movie exhibition which would compete with the domestic biggies.

A team of senior executives is learnt to be in the country and has initiated talks with several leading multiplex players as well as real estate developers. ���It is open to a joint venture.

However, it seems they would prefer a 100% subsidiary in the country,��� said a senior executive with a multiplex chain. The company did not reply to a query sent by ET. Cinepolis is the largest cinema chain in Latin America and claims to be the fifth-largest cinema chain in the world.

As per the information on the company���s website, the company clocked $538 million in revenues in 2006-end. It has over 1,500 screens across 59 cities in Guatemala, El Salvador , Panama and Costa Rica. The company has said in the past that it will expand to areas like Columbia and Peru.

The Mexican cineplex chain has been adding about 150 cinemas annually. This year, the company has also launched a low-cost sub-brand cinema���Xtreme���for the mass market.

The only other international player that had entered India is Village Roadshow Ltd of Australia, which collaborated with Ajay Bijli to start one of the first multiplexes called Priya Village Road in New Delhi. It made an exit from the business in 2003 due to its global restructuring.