Mexico’s Cinepolis plans to spread its chain of multiplexes in India and has appointed Ashish Shukla, a former CEO of PVR Cinemas, to head its Indian operations.
Cinepolis India has chalked out a roadmap to set up 500 screens, which will compete with local players like PVR and Anil Ambani-owned Big Cinemas, besides Inox and Cinemax, which between them have 700 screens.
“We have plans to open 500 screens in the next seven years”, said Milan Saini, managing director and country head for Cinepolis India.
The Mexican company, which has revenues of $675 million globally, will spend approximately Rs 1,680 crore over seven years on its expansion.
“In US, there are 130 screens per million people. India pales in comparison with less than 1 screen per million people,” Saini said, underlining the scope for expansion in the business.
The company has secured a pipeline of 110 screens in 8 cities and plans to open megaplexes that have more than eight screens per property.
According to a report by consulting firm KPMG and industry chamber FICCI, the number of multiplex screens in India is expected to shoot up from 747 in 2008 to 1405 in 2013.