|
Mumbai (Maharashtra) [India], December 23 (ANI/NewsVoir): Cineline India Limited (part of Kanakia Group), one of the most renowned real estate players in MMRDA region is re-entering the film exhibition business and will launch the same under a new brand in Q1 FY23.
Rationale of Re-entry in the Film Exhibition Business The Company was present in the film exhibition business through its 'Cinemax' Brand since 1997. In 2012, the Company sold its multiplex business along with Cinemax Brand to PVR Limited under a non-compete clause which has already ended. Further, the Company had leased out 9 properties with 23 screens to PVR under leave and license agreements on which Multiplex operations were run by PVR. In light of expiry of the license period by 31st March 2022, coupled with weakening industry dynamics for the unorganized and single-screen film exhibition players, there is a tremendous opportunity for Organized players to increase their foothold in this segment. Therefore, Cineline with a strong history of operating the Film exhibition business has decided to re-enter and create a strong consumer-oriented brand in this segment. Post 31st March 2022, the Company with have access to its own properties and thus will be able to kick start its Film exhibition operations in Q1 FY23 through 9 properties with 23 screens across Mumbai, Thane, Nashik, and Nagpur having an aggregate seating capacity of more than 6,000 seats. The Company will grow the Film exhibition business in due course of time by acquiring theater properties Pan India on a lease basis. Post relaxation of lockdown restrictions and patrons returning to theaters, there is a huge opportunity in this space with a large lineup of Bollywood, Hollywood, and regional content pipeline in place till the next year. Commenting on the same, Rasesh Kanakia, Chairman, said, "We are delighted to re-enter the film exhibition business in India. With various leave and license agreements between us and PVR expiring on 31st March 2022, the Company will launch a new brand for the film exhibition business in Q1 FY23. We plan to create a strong consumer-oriented brand in this segment. Considering the fact that as the exhibition business inches closer to a return to normality, post-COVID, we see a strong pipeline of movies coming up in the next year, and patrons' excitement to return to theatres will be quite high. We are seeing a big wave of opportunity and have big plans for growth in this business." This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
|
