Mexican multiplex Cinpolis forays into India, declares to invest Rs. 1,700 cr

Mexican global multiplex operator Cinpolis, which is the world`s fifth largest movie theater circuit
Mexican global multiplex operator Cinépolis, which is the world`s fifth largest movie theater circuit, has forayed into India and recently declared to invest Rs. 1,700 for its film exhibition business over the next 7 years. Cinépolis presently is in talks with the mall developers and is looking to have presence in all the metros and major cities, altogether targeting 500 movie screens by 2016. The company will infuse a fresh fund of Rs. 370 crore to open 110 movie screens in its first phase of expansion. While announcing Cinépolis`s entry in India, Javier Sotomayor, Strategic Head, Cinépolis said, “We envision ourselves to be present in India for the long term and for India to become our largest international expansion project.” On the other hand, Milan Saini, Country Head, Cinépolis India stated, “As a major anchor tenant, we have a strong proposition to offer to mall developers and are extremely pleased by their response. Cinépolis operates more than 2,000 screens worldwide and among them 90 per cent screens are situated in Mexico. The company is also introducing the idea of megaplex where each theatre can contain maximum 14 screens. Each screen will require an investment of $700,000 with an average area of 80,000 sq. ft.