MUMBAI: Pyramid Saimira has launched its first theatre in China and plans to invest $30 million over six months through its local joint venture partner Longzhe Group.
Pyramid and Longzhe Culture and Theatre Limited (PLCTL), the JV company have set up the theatre in Huainan. The theatre is called Huainan Pyramid Longzhe Theatre Entertainment Tower.
PLCTL is supported by The China Society of Music Research Board (CSMRB).
Pyramid Saimira and CSMRB had signed a cultural cooperation agreement in March 2008. The group is set to launch 25 more theatres which are all in prominent locations, apart from seeding other facets of the entertainment business.
Says Pyramid Saimira COO of the Chinese joint venture Venkat, “We always knew that China was a huge potential market to tap and after signing the historic deal with CSMRB, we initiated work at a very brisk pace. Huainan Pyramid Longzhe Theatre Entertainment Tower is one in a series of six more entertainment towers which would be launched by PLCTL by December 2008.”
Huainan Pyramid Longzhe Theatre Entertainment Tower is a two-screen cineplex with a total seating capacity of 290 seats.
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