INOX and IMAX sign movie theatre deal
- Govt to bring in bill to check unregulated deposit schemes on the anvil
- Bitcoin rises as South Korea talks ‘active’ support for trading
- Sony to form alliance to build taxi-hailing system
- Chinese warships enter East Indian Ocean amid Maldives tensions
- Uber CEO sees commercialisation of flying taxis in 5-10 years
New Delhi: Movie exhibition chain INOX Leisure Limited has announced an agreement with IMAX Corporation for five IMAX® theatre systems, to be installed in existing INOX multiplexes in Mumbai, Bengaluru, Delhi and Kolkata.
The first one will come up at the INOX in Mumbai’s R-City Mall in Ghatkopar.
As part of the deal, the INOX multiplexes will be able to screen 3D movies.
“We’ve always said India is potentially a huge opportunity for us,” said Richard L. Gelfond, chief executive officer, IMAX in a statement, adding the deal with INOX serves as the first step to grow in a strategically important market. “We believe that INOX adding IMAX theatres to its most successful complexes—which are situated in top-tier cities—will help us expand our network in India at a more rapid pace.”
After acquisitions like Fame India Ltd. and Satyam Cineplexes Ltd., INOX currently runs 107 multiplexes across the country and sees the deal as another way to strengthen their position.
“We have built our business on our commitment to create a premium customer experience and we view our partnership with IMAX as an extension of this strategy,” said Alok Tandon, chief executive officer, INOX Leisure Ltd.