Inox continues to expand
Aims to expand tier I & II citiesSeptember 21, 2013 | comments ( 0 ) |
Multiplex chain Inox Leisure aims to continue expanding through acquisitions rather than launching new multiplexes. With its pan-India presence across 73 cities and 284 screens across 40 cities, Inox would be expanding into already penetrated cities such as Jaipur and also new cities such as Jamnagar and Greater Noida.
Alok Tandon, CEO, Inox Leisure, said, “We have already acquired two sets of multiplex chains and will not shy away from opportunities to get some more. The slowdown has not affected the multiplex business as it is good content which is driving people to the movies,” In 2007, Inox had acquired Calcutta Cinema Private Ltd (CCPL) and in 2011 it bought Fame India. It is now in the process of re-branding 97 screen Fame Cinemas into Inox. “With Fame Cinemas, we will get economies of scale in the multiplex business,” said Tandon.
While mall development has slowed down, it is not willing to stop at launching new multiplexes. As he informed, “We are assured that a mall and multiplex can co-exist and we started our first one in Pune with the same model. Today, we have three different models which comprise outright buy out of the property, lease and management control for the business.” It has already planned 11 new multiplexes this year and will raise the funds for expansion with the help of its parent company Gujarat Flurochemicals.
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