Pyramid Saimira to acquire UK multiplex chain
Chennai-based Pyramid Saimira Theatre Limited (PSTL) is close to snapping up a multiplex chain in the UK that runs 60 screens across the country, reports Varun Soni.Updated: Jan 01, 2008 23:16 IST
Chennai-based Pyramid Saimira Theatre Limited (PSTL) is close to snapping up a multiplex chain in the United Kingdom that runs 60 screens across the country. The deal will mark the entry of Pyramid Saimira into the UK a year after it took over a similar chain in the US.
The company is also in talks with multiplex developers in Malaysia and Indonesia and is planning to bring to India the concept of having cinemas with 10-12 screens. "The quality of construction of theatres in South-East Asia is the best in the world. We are in talks with a number of players from Malaysia and Indonesia to bring in their expertise to develop multiplexes in India. The tie-up will be more in the range of aesthetics and construction of theatres that have more than 10 screens." Said Pyramid Saimira Managing Director PS Saminathan.
Pyramid Saimira is also looking at bringing the concept of art deco cinemas to the country. "Akin to a seven-star hotel, art deco multiplexes will offer unparalleled luxury in movie viewing," Saminathan said.
Pyramid Saimira last year acquired Texas-based FunAsiA through its subsidiary Pyramid Saimira Entertainment America. FunAsiA is targeting 80-90 per cent of the share of the Asian film market in the US and its complexes include 17 screens with 4,765 seats. The company has also acquired an existing theatre and radio drive-time hours in Chicago and radio time in Houston, taking the total number of screens under the Pyramid Saimira banner to approximately 703 across the globe. It also has nearly 51 screens in Malaysia and four in Singapore.
Pyramid Saimira Theatre Limited is one of India's largest theatre chain companies operating 35 multiplexes primarily in South India. The company is planning to invest Rs 2,000 crore to develop 60 screens in Haryana and Punjab in the next couple of years.