MUMBAI: Cinemax India plans to invest between Rs 800 million and Rs 1 billion to roll out 50 screens in the current fiscal as it paces up to create a footprint across India.
The company‘s ambitious three-year plan is to add 300 screens over a period of three years, up from its current 74 screens across 25 properties. The company will need to raise funds for its expansion, the process of which will start in the second quarter of this fiscal.
Says Cinemax senior vice president Devang Sampat, “The screens will be launched on a pan India basis and will include places like Pune, Baroda, Bangalore, Ahmedabad and Mumbai. While 28 screens are already set out, 22 will be set up very soon.”
The ongoing producer-multiplex tussle has had its effect on the revenue earnings of various multiplex operators. Cinemax, however, will be somewhat cushioned as most of its screens are scattered across Maharashtra where it could showcase successful Marathi films like Mi Shivajiraje Bhonsale Boltoi, Tu Maza Jeev, Bokya Satbande and Gallit Gondhal Dillit Mujra at a time when multiplexes were choked of Bollywood content.
Cinemax expects to touch a turnover of Rs 2 billion in FY‘10 despite a possible weak first quarter. The company posted a revenue of Rs 1.45 billion and a net profit of Rs 110.5 million for the fiscal ended 31 March 2009.
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