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| Inox Leisure grabs top spot in Bengal multiplex space |
| Pradipta Mukherjee / Kolkata Feb 15, 2010, 00:05 IST |
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West Bengal has emerged as the largest market for multiplex chain Inox Leisure, with close to seven multiplexes in the state already operational and around 26 screens.
Trade observes say that with the acquisition of Fame chain of multiplexes, Inox is also set to grab almost 75 per cent of the movie exhibition market in West Bengal, the remaining controlled by single-screen theatres and other multiplex chains.
“West Bengal has the largest number of Inox multiplexes compared to any other state. The sheer volume itself justifies other lines of businesses for us in the state, like movie distribution,” said Deepak Asher, director, Inox Leisure.
“We are looking at setting up 10 more multiplexes in the state, at an investment of Rs 2-2.5 crore per screen,” said Asher. The 10 new multiplexes would entail a total of 40 screens by 2011.
Inox is also open to acquiring large theatres to revamp and rebrand them into multiplexes of its own.
The new muliplexes would come up in Kolkata (Diamond City, Jeyssore Road, BT Road, Panditya Road, Strand Road), in Siliguri, Haldia, Kharagpur (Puja Complex), Asansol, and Howrah.
Among other plans, the company is planning to enter the Bengali film distribution business soon, with its intention to take Bengali films to different parts of the country and give Bengali movies a national presence. "A lot of new-age Bengali movies are coming up which are getting accepted nationally. So, distribution of Bengali films could open up new avenues for us," Asher added.
Inox already distributes Hindi movies in West Bengal, like 'Fashion', among others. The Bengali movie industry is estimated at around Rs 40 crore releasing 30 movies annually. Inox, the pioneer of multiplex culture in West Bengal, currently operates 29 multiplexes and 105 screens in 20 cities across India.
Incidentally, Inox’s first acquisition and its only acquisition, other than Fame India, was ‘89 Cinemas’ in Kolkata in 2006. This was an equity swap deal between Inox and Calcutta Cine which owned the four-screen multiplex ‘89 Cinemas’. Inox and Calcutta Cine boards approved the merger agreement and issue of 33 equity shares of Rs 10 each of Inox for every 1 equity share of Rs 1,000 each of Calcutta Cine. This entailed an issue of 18,810,00 shares of Inox to Calcutta Cine shareholders – approximately 3 per cent of total paid up capital of Inox. Calcutta Cine also owned a three-screen multiplex in Durgapur in West Bengal.
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