Mumbai:Shriram Mall Infrastructure Pvt Ltd and Pyramid Saimira Theatre Ltd plan to expand to large towns by buying and refurbishing old movie theatres to create 100 malls and multiplexes.
In a statement, the companies said Shriram’s holdings in the Rs 5,000 crore joint venture would stand at 70%, with the rest belonging to Pyramid Saimira.
The project aims to develop over 20 million sq. ft of retail and entertainment space in South India, according to Hemanth Vengali, CEO of Shriram Mall Infrastructure. “This is a unique opportunity for us to enter into new growth area of tier-two towns and cities... in commercially viable areas,” he said.
Pyramid Saimira currently operates 256 screens across 210 towns in South India, with a seating capacity of 1.54 lakh.
It recently tied up with a Malaysian company to set up a chain of 150 single-screen and multiplex theatres in Malaysia, in a joint venture valued at Rs240 crore.