Satyam Cineplexes is in talks with the diversified Sahara group to open multiplexes at all its malls across the country.
Satyam Cineplexes director Deven Chachra said: "We have only expressed our intent. But no negotiations have yet taken place. We are interested in a tie-up under which we'll be a part of the Sahara malls across the country."
Sahara has come up with a shopping mall in Gurgaon and plans to come up with similar malls in other parts of the country. Satyam officials said that an all India tie-up will be a preferred option rather than approaching different malls or locations across the country for setting up cineplexes.
The only other player in India who plans to build malls all over the country, is the Essel Group under the E-Citi brand.
But since it has its own in-house multiplex brand, Sahara is the only logical choice, company officials said.
Satyam Cineplex recently announced its plans to invest over Rs 250 crore (Rs 2.50 billion) in cineplexes across the country. It plans to become a national player within the next three years by adding 100 screens all over the country.
While the company would be investing Rs 82 crore (Rs 820 million) in three multiplexes in Delhi, it will spend about Rs 150 crore (Rs 1.50 billion) in adding five multiplexes at Mumbai, Pune and Chandigarh.
Satyam Cineplex has also tied-up with Unitech to construct multiplexes at Rohini and Noida and will put in about Rs 25 crore (Rs 250 million) in these projects.
In the next phase of expansion, it plans to explore opportunities in other metros including Bangalore, Hyderabad and Kolkata, Chachra had said.
He added that while the company is currently financing the expansion requirements for the Delhi projects through 1:1 debt-equity plan.
He, however, added that the company would prefer to rope in an international strategic partner for its subsequent projects in Mumbai, Pune and Chandigarh.
Recently, the company offered 41 per cent shareholding in the company to Starlight Entertainment for about Rs 8 crore (Rs 80 million).
The money would be brought in through the Reserve Bank of India route. At present, India has about 13,000 screens which translates into a screen for every 80,000 people.
Compare this with China which has 61,000 screens or a screen every 21,000 people. Worldwide, there are about 160,000 screens.
New script
- Sahara has come up with a shopping mall in Gurgaon and plans to come up with similar malls in other parts of the country.
- The only other player in India who plans to build malls all over the country, is the Essel Group under the E-Citi brand.
- Satyam Cineplex recently announced its plans to invest over Rs 250 crore (Rs 2.50 billion) in cineplexes across the country.
