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Tag: Deepak Asher

  • Multiplex association says no order from govt about allowing outside food in theatre

    Multiplex association says no order from govt about allowing outside food in theatre

    MUMBAI: A relief has been granted to cine-goers when a Maharashtra minister stated in the state assembly on Friday that there is no ban on people carrying outside food into cinema theatres.

    Opposition in the legislative council Dhananjay Munde also raised the issue of exorbitant rates at multiplexes. Snacks at multiplexes are sold at a premium, significantly over the MRP. The legislation was likely to be enacted from 1 August and hence cinema multiplexes in the state may not be able to overcharge you for a tub of popcorn or a glass of cola, nor can they stop you from bringing in food from outside.

    Minister of state for food and civil supplies, Ravindra Chavan, replied saying the centre was readying a law to ensure food cannot be sold at different prices at different places. “There is no prohibition on taking outside food into multiplexes. The state home department is coming up with a policy to deal with this issue,” he said.

    Multiplex Association of India (MAI) clarified that none of the multiplex cinema theatres operated by any of the members have received any order, notification or communication to this effect from the government of Maharashtra or any other regulatory authority. Hence they are not aware of any decision to this effect, if taken by the government.

    MAI president Deepak Asher said, “Since the matter is currently sub-judice, and since we have no other formal communication from any regulatory authority, we would not like to comment any further on the matter.

    A PIL (L) No 82 of 2017 (Jainendra Baxi vs State of Maharashtra) on a similar matter was filed before the Bombay High Court in which the MAI had joined in as a party. At the last hearing, the High Court granted the government pleader further time to seek instructions and file an affidavit regarding its stand on the matter. The above-mentioned petition is pending and is scheduled to be heard on 25 July 2018.

  • FY-2016: Inox PAT almost quadruples

    FY-2016: Inox PAT almost quadruples

    BENGALURU: Inox Leisure Limited (Inox) reported almost quadrupling (3.87 times) of profit after tax (PAT) for the year ended 31 March 2016 (FY-2016, current year). The company reported PAT of Rs 77.49 crore (5.8 per cent margin on total income from operations or TIO) in the current year as compared to the Rs 20.04 crore (2 per cent margin on TIO) in the previous year.

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

    PAT for the quarter ended 31 March 2016 (Q4-2016, current quarter) was 16.12 crore (5.6 per cent margin on TIO). During the corresponding quarter of the previous year, the company had reported a loss of Rs 4.06 crore, while PAT in the immediate trailing quarter was 3.3 per cent lower at Rs 15.60 crore (4.6 per cent margin on TIO).

    TIO for the current year was 31.1 per cent higher at Rs 1,332.69 crore as compared to the Rs 1,016.81 crore in the previous year. TIO in Q4-2016 grew 31.8 per cent YoY to Rs 286.92 crore from Rs 217.75 crore, but declined 16 per cent quarter-on-quarter (QoQ) from Rs 341.71 crore.

    Company speak

    Commenting on the results, Inox Group of companies director and group head (Corporate Finance) Deepak Asher, said, “Good content coupled with our expansion across the country, with a world class movie viewing experience has helped us in maintaining our growth in the last quarter. We will continue this growth momentum with our consistent efforts in the forthcoming quarters for our guests and all the stakeholders”.

    Gross Box Office (GBOC)

    During FY-2016, as well as Q4-2016, the increase in TIO was driven by increase in Gross Box Office collection (GBOC) in the sale of food and beverages (F&B).

    Inox reported GBOC of Rs 904.94 crore for the current year, 34.4 per cent higher as compared to Rs 673.08 crore in the previous year. GBOC in Q4-2016 increased 41.7 per cent YoY to Rs 191 crore as compared to Rs 134.80 crore, but declined 17.2 per cent QoQ from Rs 230.69 crore.

    Performance of the top five movies by GBOC performance accounted for 42 percent of total GBOC collection in the current quarter. The top five movies in terms of GBO collection for Q4-2016 in descending order were: Airlift (Rs 29.8 crore GBOC or Gross Box Office Collection, 15 lakh footfalls); Neerja (Rs 17.3 crore GBOC, 10.5 lakh footfalls); Kapoor&Sons (Rs 15.7 crore GBOC, 8.5 lakh footfalls) Bajirao Mastani (Rs 9.8 crore, 5.6 lakh footfalls); and Wazir (9.2 crore GBOC, 5.1 lakh footfalls).

    Advertising, food and beverages and other operating revenues

    F&B sales in FY-2016 were Rs 265.63 crore, 39.1 per cent higher as compared to Rs 191.03 crore in FY-2015. This segment reported 52.3 per cent higher YoY sales at Rs 56.99 crore in Q4-2016 as compared to Rs 34.73 crores, but 13 per cent lower QoQ as compared to Rs 65.51 crore in the immediate trailing quarter.

    F&B spend per head in FY-2016 increased to Rs 58 from Rs 55 in FY-2016. In Q4-2016, F&B spend per head increased to Rs 58 from Rs 53 in Q4-2015.

    Revenue from advertising in FY-2016 increased 11.7 per cent to Rs 91.01 crore as compared to Rs 81.49 crore in FY-2015. In Q4-2016, advertising revenue declined 2 per cent to Rs 19.40 crore from Rs 19.79 crore in Q4-2015, and declined 34.2 per cent QoQ from Rs 29.49 crore.

    Other operating revenue in FY-2016 declined 0.2 per cent YoY to Rs 71.10 crore from Rs 71.21 crore. Other operating revenue declined 24.1 percent YoY in Q4-2016 to Rs 19.52 crore from Rs 25.73 crore, but increased 21.8 per cent QoQ from Rs 16.02 crore in Q3-2016.

    Footfalls, occupancy rates and average ticket price

    Footfalls for FY-2016 increased 30 per cent to 534 lakh from 411 lakh in FY-2015. Inox reported a 36 percent increase in footfalls in the current quarter at 115 lakh as compared to 84 lakh in Q4-2015, but a 10.9 per cent decline QoQ from 129 lakh in Q3-2016.

    Occupancy rate in the current year increased to 29 per cent from 25 per cent in FY-2015. Occupancy rate in Q4-2016 improved to 23 per cent from 20 per cent in Q4-2015, but was less than the 31 percent in Q3-2016.

    Average Ticket Price (APT) increased 3.7 per cent in FY-2016 to Rs 170 from Rs 164 in the previous year. ATP increased 5.7 per cent YoY to Rs 167 in the current quarter as compared to Rs 158, but declined 6.7 per cent QoQ from Rs 179.

    Entertainment Tax, Distributors share and F&B costs, rents, etc.

    Inox paid 43.1 per cent higher Entertainment Tax in FY-2016 at Rs 173.81 crore as compared to Rs 121.45 crore in the previous year. Entertainment Tax in Q4-2016 at Rs 35.61 crore was 56.5 per cent higher YoY than Rs 22.76 crore but was 19.8 percent lower QoQ entertainment tax as compared to Rs 44.40 crore.

    Distributors share (Exhibition cost) in FY-2016 was 30.5 per cent higher at Rs 325.30 crore as compared to Rs 249.32 crore in FY-2015. Distributors share in Q4-2016 at Rs 68.94 crore was 44.4 per cent higher YoY as compared to Rs 47.75 crore but was 18.5 per cent lower QoQ as compared to Rs 84.54 crore in Q3-2016.

    F&B costs in the current year were 34 per cent higher at Rs 66.41 crore as compared to Rs 49.55 crore in the previous year. F&B costs in Q4-2016 increased 37 percent YoY to Rs 14.18 crore as compared to Rs 10.35 crore, but declined 11.1 per cent QoQ from Rs 15.95 crore.

    Total Expense in the current year increased 26.1 per cent to Rs 1,223.06 crore from Rs 969.88 crore in FY-2015. Total Expense in the current quarter increased 29.8 percent YoY to Rs 292.59 crore from Rs 225.34 crore but declined 5.3 per cent QoQ from Rs 308.97 crore 

  • FY-2016: Inox PAT almost quadruples

    FY-2016: Inox PAT almost quadruples

    BENGALURU: Inox Leisure Limited (Inox) reported almost quadrupling (3.87 times) of profit after tax (PAT) for the year ended 31 March 2016 (FY-2016, current year). The company reported PAT of Rs 77.49 crore (5.8 per cent margin on total income from operations or TIO) in the current year as compared to the Rs 20.04 crore (2 per cent margin on TIO) in the previous year.

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

    PAT for the quarter ended 31 March 2016 (Q4-2016, current quarter) was 16.12 crore (5.6 per cent margin on TIO). During the corresponding quarter of the previous year, the company had reported a loss of Rs 4.06 crore, while PAT in the immediate trailing quarter was 3.3 per cent lower at Rs 15.60 crore (4.6 per cent margin on TIO).

    TIO for the current year was 31.1 per cent higher at Rs 1,332.69 crore as compared to the Rs 1,016.81 crore in the previous year. TIO in Q4-2016 grew 31.8 per cent YoY to Rs 286.92 crore from Rs 217.75 crore, but declined 16 per cent quarter-on-quarter (QoQ) from Rs 341.71 crore.

    Company speak

    Commenting on the results, Inox Group of companies director and group head (Corporate Finance) Deepak Asher, said, “Good content coupled with our expansion across the country, with a world class movie viewing experience has helped us in maintaining our growth in the last quarter. We will continue this growth momentum with our consistent efforts in the forthcoming quarters for our guests and all the stakeholders”.

    Gross Box Office (GBOC)

    During FY-2016, as well as Q4-2016, the increase in TIO was driven by increase in Gross Box Office collection (GBOC) in the sale of food and beverages (F&B).

    Inox reported GBOC of Rs 904.94 crore for the current year, 34.4 per cent higher as compared to Rs 673.08 crore in the previous year. GBOC in Q4-2016 increased 41.7 per cent YoY to Rs 191 crore as compared to Rs 134.80 crore, but declined 17.2 per cent QoQ from Rs 230.69 crore.

    Performance of the top five movies by GBOC performance accounted for 42 percent of total GBOC collection in the current quarter. The top five movies in terms of GBO collection for Q4-2016 in descending order were: Airlift (Rs 29.8 crore GBOC or Gross Box Office Collection, 15 lakh footfalls); Neerja (Rs 17.3 crore GBOC, 10.5 lakh footfalls); Kapoor&Sons (Rs 15.7 crore GBOC, 8.5 lakh footfalls) Bajirao Mastani (Rs 9.8 crore, 5.6 lakh footfalls); and Wazir (9.2 crore GBOC, 5.1 lakh footfalls).

    Advertising, food and beverages and other operating revenues

    F&B sales in FY-2016 were Rs 265.63 crore, 39.1 per cent higher as compared to Rs 191.03 crore in FY-2015. This segment reported 52.3 per cent higher YoY sales at Rs 56.99 crore in Q4-2016 as compared to Rs 34.73 crores, but 13 per cent lower QoQ as compared to Rs 65.51 crore in the immediate trailing quarter.

    F&B spend per head in FY-2016 increased to Rs 58 from Rs 55 in FY-2016. In Q4-2016, F&B spend per head increased to Rs 58 from Rs 53 in Q4-2015.

    Revenue from advertising in FY-2016 increased 11.7 per cent to Rs 91.01 crore as compared to Rs 81.49 crore in FY-2015. In Q4-2016, advertising revenue declined 2 per cent to Rs 19.40 crore from Rs 19.79 crore in Q4-2015, and declined 34.2 per cent QoQ from Rs 29.49 crore.

    Other operating revenue in FY-2016 declined 0.2 per cent YoY to Rs 71.10 crore from Rs 71.21 crore. Other operating revenue declined 24.1 percent YoY in Q4-2016 to Rs 19.52 crore from Rs 25.73 crore, but increased 21.8 per cent QoQ from Rs 16.02 crore in Q3-2016.

    Footfalls, occupancy rates and average ticket price

    Footfalls for FY-2016 increased 30 per cent to 534 lakh from 411 lakh in FY-2015. Inox reported a 36 percent increase in footfalls in the current quarter at 115 lakh as compared to 84 lakh in Q4-2015, but a 10.9 per cent decline QoQ from 129 lakh in Q3-2016.

    Occupancy rate in the current year increased to 29 per cent from 25 per cent in FY-2015. Occupancy rate in Q4-2016 improved to 23 per cent from 20 per cent in Q4-2015, but was less than the 31 percent in Q3-2016.

    Average Ticket Price (APT) increased 3.7 per cent in FY-2016 to Rs 170 from Rs 164 in the previous year. ATP increased 5.7 per cent YoY to Rs 167 in the current quarter as compared to Rs 158, but declined 6.7 per cent QoQ from Rs 179.

    Entertainment Tax, Distributors share and F&B costs, rents, etc.

    Inox paid 43.1 per cent higher Entertainment Tax in FY-2016 at Rs 173.81 crore as compared to Rs 121.45 crore in the previous year. Entertainment Tax in Q4-2016 at Rs 35.61 crore was 56.5 per cent higher YoY than Rs 22.76 crore but was 19.8 percent lower QoQ entertainment tax as compared to Rs 44.40 crore.

    Distributors share (Exhibition cost) in FY-2016 was 30.5 per cent higher at Rs 325.30 crore as compared to Rs 249.32 crore in FY-2015. Distributors share in Q4-2016 at Rs 68.94 crore was 44.4 per cent higher YoY as compared to Rs 47.75 crore but was 18.5 per cent lower QoQ as compared to Rs 84.54 crore in Q3-2016.

    F&B costs in the current year were 34 per cent higher at Rs 66.41 crore as compared to Rs 49.55 crore in the previous year. F&B costs in Q4-2016 increased 37 percent YoY to Rs 14.18 crore as compared to Rs 10.35 crore, but declined 11.1 per cent QoQ from Rs 15.95 crore.

    Total Expense in the current year increased 26.1 per cent to Rs 1,223.06 crore from Rs 969.88 crore in FY-2015. Total Expense in the current quarter increased 29.8 percent YoY to Rs 292.59 crore from Rs 225.34 crore but declined 5.3 per cent QoQ from Rs 308.97 crore 

  • INOX makes third acquisition in a decade as it takes over Satyam chain of multiplexes

    INOX makes third acquisition in a decade as it takes over Satyam chain of multiplexes

    NEW DELHI: The total number of screens under the INOX umbrella has gone up to 514 screens in 127 properties in 64 cities after the acquisition of Satyam Cineplex for Rs 182 crore.

     

    INOX Leisure executed the transaction documents for acquisition of the New Delhi headquartered Satyam chain by way of acquiring 100 per cent equity share capital of Satyam from its existing shareholders, subject to closing.

     

    The proposed acquisition of one of the industry’s prime assets is a part of INOX’s strategy to expand its footprint across the country and gives INOX a significant foothold in the north Indian region.

     

    This marks the third acquisition for INOX in less than a decade. “Earlier, the company acquired Calcutta Cine in 2007, which triggered the consolidation phase in the multiplex industry. This was followed by the acquisition of Fame India in 2010,” INOX CEO Alok Tandon told indiantelevision.com.

     

    “The current acquisition would add 38 screens to INOX’s property,” he said.

     

    As INOX would be paying Rs 182 crore towards acquisition of these properties, the valuation of each screen works out to Rs 4.79 crore.

     

    He strongly denied charges that all multiplexes are highly priced, thus making them inaccessible to the average cinegoer. He said his group adopted what he called ‘flexi-pricing’ which allowed them to fix different rates for different days. Thus, the weekend may be expensive, but the price of the ticket on week-days starts from as low as Rs 55.

     

    Asked about creating a buzz about the new acquisitions, he said apart from press meets, print and social media would also be used to publicise the new takeover. 

     

    Earlier, Tandon said at a press meet, “We are looking forward to make this integration work positively for our stakeholders, INOX and Satyam employees as well as our guests. We look forward to a smooth merger of best practices of both the companies. We are excited and ready to bring in the best movie viewing experience to our guests in these multiplexes,” he added.

     

    INOX group director Deepak Asher said, “It has been our strategy to expand our multiplex business both organically and inorganically over the years. With this acquisition, we will strengthen our position further in the Industry as well as in the country, especially north India.”

     

    Sounding optimistic about the current acquisition, he went on to add, “Over the next few months, we will evaluate the full benefits of integration and consolidation, to drive competitive advantage across the value chain, and consider our strategic options in accordance with regulatory guidelines.”

     

    Satyam MD Deven Chachra said, “We have painstakingly built this business, and while it is hard to see that one has built with one’s own hands go, I have confidence and faith that INOX will nurture it and take it to greater heights.”

     

    Grant Thornton Advisory acted as sole financial advisors and Khaitan & Co acted as legal advisors to INOX Leisure. BMR Advisors acted as sole financial advisors and Luthra & Luthra Law Offices acted as legal advisors to the shareholders of Satyam Cineplexes.

  • Fame to merge with Inox

    Fame to merge with Inox

    MUMBAI: Inox Leisure Ltd is having its own say on how Fame India is going to be run, after brushing aside Reliance ADAG‘s threat to own the multiplex chain.

    Fame and its three subsidiaries are going to merge with Inox to create the country‘s largest multiplex chain with 257 screens. Big Cinemas has 252 screens, PVR Ltd 162 screens , Cinemax India 141 screens and Fun Cinemas 73 screens.

    The board of Inox will meet on 15 June to consider the merger proposal.

    “The board will consider the amalgamation of Fame India Limited with Inox,” said InoxLeisure Ltd CEO Deepak Asher.

    The merger of Fame India Limited (a subsidiary of the company) with Inox will also include the existing wholly owned subsidiaries (namely, Fame Motion Pictures Limited, Big Picture Hospitality Services Private Limited and Headstrong Films Private Limited), Inox said in its filing to the BSE on 7 June.

    In early 2010, Reliance Capital had launched a hostile bid for a 62.08 per cent stake at Rs 83.40 a share, 63.5 per cent higher than Inox‘s open offer of Rs 51. The promoter group of Fame had offloaded their 43.28 per cent stake to Inox for Rs 66.48 crore in an all-cash deal. Inox further upped its stake in Fame India through an open offer.

  • Inox ups stake in Fame to 68.3%

    Inox ups stake in Fame to 68.3%

    MUMBAI: Multiplex chain operator Inox Leisure has raised its stake to 68.30 per cent in Fame India, up from 50.20 per cent that it had held in January 2011, for Rs 889.3 million.

    The purchase of 20.2 million shares, or 18.14 per cent, at a premium of Rs 34 per equity share was through a rights issue.

    Talking about increasing his company‘s stake in Fame, Inox Leisure Ltd CEO Deepak Asher said: “We had subscribed to a rights issue of the company. Resultantly, we could increase our stake in the company.”

    The issue opened on 7 February and closed on 21 February 21 2012.

    Inox‘s shares closed at Rs 55.15 apiece, up 9.64 per cent from the previous close on the BSE.

    Fame India‘s shares closed at Rs 70.45, up 1.59 per cent from the previous close on the BSE.

    Since the last two years, Inox has been increasing its stake in Fame. Having bought 43 per cent stake in February 2010, Inox raised its stake in phases.

    Inox Leisure is one of the fastest growing multiplex chains in the country, building and managing multiplex cinemas throughout India.

  • Multiplexes to participate in film industry’s token strike on 23 Feb

    Multiplexes to participate in film industry’s token strike on 23 Feb

    MUMBAI: Deciding to participate in a nationwide strike called by the Film Federation of India to protest against the government‘s proposal to bring the film industry under the purview of service tax, all cinema halls (single-screen and multiplexes) across the country will shut shop on 23 February.

    Said multiplex owners‘ association president Deepak Asher, “All multiplexes in the country will be shut on 23 February. Not only us, single-screen theatres along with the entire film industry from production to distribution to exhibition, will be shut.”

    But would a day’s token strike have any impact? “I guess no, but depending on the response we get on that day, we will think whether to go on an indefinite strike or not. All said and done, the one-day strike would definitely draw attention. People will sit up and ponder.”

    Observed distributor Shyam Shroff, “ The matter being very serious, we have decided to protest. Generally, what happens is the service tax is collected from the consumer and passed on to the government. But in this case, it will pass from distributor to the exhibitor and the best part is that it should not pass to the consumer. So how are things to work out?”

  • Inox reports 40% YoY increase in Q3 net profit

    Inox reports 40% YoY increase in Q3 net profit

    MUMBAI: Multiplex chain Inox Leisure has announced a 40 per cent increase in net profit for the third quarter of the financial year 2006-2007 at Rs 48.3 million on revenues of Rs 428.3 million.

    Net income in the corresponding quarter of the previous year stood at Rs 34.4 million.
    Total income rose 45 per cent for the quarter; up from Rs. 294.8 million. Inox registered an Ebitda of Rs 101.3 million compared to Rs 82.5 million in the same quarter of the previous year, a growth of 23 per cent.

    Over the nine-month period ending December, Inox registered strong growth with sales up 54 per cent from Rs. 802.9 million to Rs. 1233.1 million. Net Profit has also grown 53 per cent from Rs 131.6 million to Rs. 201.5 million, in the same time period.

    The company also announced that the scheme of amalgamation of Calcutta Cine Private Limited (CCPL) into Inox Leisure Limited has been approved at a shareholders’ meeting held on 4 January.

    Inox has recently launched its property at Chennai in January 2007 taking its tally of multiplexes across India to 13, with 48 screens and 14,286 seats.

    Commenting on the results, Deepak Asher, director – Inox Leisure said, “It has been a satisfying performance this quarter for Inox and things look very promising for the future with several new properties slated to open in the near term, as well as the acquisition of CCPL getting formalized.”

  • Inox to acquire Calcutta Cine Pvt Ltd

    Inox to acquire Calcutta Cine Pvt Ltd

    MUMBAI: Leading multiplex operator Inox Leisure Limited is acquiring Calcutta Cinema Private Limited (CCPL) in an all-share-swap deal. This will allow Inox to get a firm foothold in West Bengal, adding up to its presence in Kolkata.

    CCPL, which runs its business under the brand 89 Cinemas, plans to commence its second three-screen multiplex at Durgapur in West Bengal within 15 days. The company also runs a four-screen multiplex at Swabhumi in Kolkata.

    The two companies are in the process of appointing an independent valuer. “We have agreed that the valuation will be on the basis of a discounted cash flow model over five years. CCPL is merging its operations with Inox,” says Inox Leisure Limited director Deepak Asher.

    CCPL will have 8-10 properties over the next two years. “We will be able to enhance our pan-India presence in movie exhibition by gaining a strong foothold in West Bengal,” says Asher. Inox presently operates two multiplexes in Kolkatta (Elgin Road and Salt Lake) and one in Darjeeling (Laden La Road).

    Inox also plans to open new multiplexes in Diamond City, Jessore Road with five screens and at Kharagpur with four screens. The agreement with CCPL will take Inox’s tally of multiplexes in West Bengal and Assam up to 13.In addition, CCPL has tied up properties for building and operating six other multiplexes in West Bengal and Assam. CCPL also has an understanding with Bengal Ambuja Housing Development Limited (Bengal Ambuja) – a leading real estate developer in East India – which gives CCPL preferential access as the preferred multiplex operator to all properties being developed by Bengal Ambuja.

    According to the press release, Inox also plans to expand its network with new multiplexes in Hyderabad, Chennai, Jodhpur, Lucknow, Raipur, Kolkata and Bangalore. In addition, Inox also has a strategic alliance with the Pantaloon Group of Companies which provides it with preferential access, as a multiplex operator, to all real estate developments which the Pantaloon Group of Companies and funds managed by it, are developing or otherwise associated with.

    “89 Cinemas is an emerging multiplex chain with a strong regional focus in Eastern India. The proposed merger will enable Inox to build a very strong presence in the region and the inorganic growth opportunity will create great value for Inox shareholders,” Asher says.

    CCPL CEO Debashis Ghosal commented, “We believe that the proposed merger with Inox – India’s most profitable multiplex chain – will create tremendous value for CCPL shareholders, enabling them to partake in the value creation by Inox, as well as enable Inox to build a formidable presence in Eastern India”.

    The proposed merger is subject to due diligence, final approval by Shareholders, Creditors and the High Court. Enam Financial Consultants Pvt. Ltd. is acting as Advisor to this Transaction., “We are delighted to have acted as Advisors to this transaction. We think the proposed merger is a great fit with Inox’s national footprint and 89 Cinemas strength in the eastern region. The proposed merger perhaps marks the beginning of the consolidation phase in the multiplex industry,” says Salil Pitale of Enam