MUMBAI: After acquiring a majority stake in Sri Adhikari Bros‘ Broadcast Initiative Ltd, Housing Development & Infrastructure Ltd (HDIL) is now building up its multiplex business.
The company, which has two TV channels Live India (Hindi news) and Mi Marathi (Marathi entertainment channel) under its belt, is planning to invest Rs 4.5 – 5 billion to roll out 150 screens over the next five years. HDIL operates its multiplex chain under the brand Broadway.
Says HDIL entertainment division CEO Mukesh Gupta, “Currently HDIL owns seven operational screens. We plan to set up a property in Bhandup with six screens in the next two months. We will also be setting up a four-screen property in Goregaon sometime in September-October.”
HDIL has already bought two properties in Pune where it will build three screens each. It will also build a five screen property in Gurgaon and a three screen property in Hyderabad.
“So far, we have already invested Rs 300-350 million in our multiplex project,” Gupta adds.
The real estate company‘s first theatre was launched in Vasai followed by the second property in Kandivali. HDIL is also planning to roll out a four-screen property at Andheri, Mumbai.
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