New Delhi: Real estate behemoth DLF is likely to invest about Rs 1,250 crore on expanding its multiplex business, DT Cinema, by adding about 500 screens in the next four to five years.
“Currently, we are at a pre-operative stage with about seven screens. In another four to five years time the target is to have 500 screens across India,” DT Cinema CEO Kajal Aijaz told PTI.
By September this year, two DT Cinema complexes in Delhi and one in Chandigarh would be operational, she said, adding that 35 screens are expected to be functional in the next seven months.
“Once these initial projects start, the mid-term aim is to have about 150 screens operational within two years,” Aijaz said, adding that all the multiplexes would be owned by DLF.
Asked about the proposed investment for the expansion, she declined to give an exact figure but said: “On an average, setting up a screen can costs anything between Rs 2 crore to Rs 2.5 crore”.
Apart from north Indian cities, DT Cinema plans to set up multiplexes in Hyderabad, Chennai, Kochi, Bangalore, Mumbai, Pune, Ahmedabad, Goa and Kolkata. The size of each multiplex could be between 35,000 sq ft to 90,000 sq ft, she said.
Aijaz said multiplex business offered a big opportunity as there is a shortage of 40,000 screens in India, but added that it’s a “slow moving business” and takes time to expand.