Akshaya in JV to develop Chennai's Shanthi theatre.

The five-decades-old Shanthi Theatre, a land mark property owned by the family of the late thespian `Sivaji’ Ganesan is set for a make over with a modern commercial and entertainment complex to come up in a joint venture.

The Chennai-based Akshaya Pvt Ltd. has entered into a joint venture with the owners to develop the one-acre property where a 70,000 sq ft commercial-cum-entertainment complex will come up, according to T Chitty Babu, Chairman and CEO, Akshaya.

While declining to give specific details about the project, Chitty Babu said the project promoted through a special purpose vehicle, Akshaya Leisure Pvt Ltd., will be on the theme of entertainment and leisure. The joint venture was signed today and the project will start by the end of the year when all the clearances will be in place.

G Ramkumar, film producer and son of 'Sivaji' Ganesan said one of the components of the complex will be a multiplex. Shanthi Theatre, which has screened movies of three generations of stars beginning with 'Sivaji's movies and his son Prabhu's and grandson Vikram Prabhu's films, will soon be seen in a new avatar.

G Prabhu, said the actor-family has entered into the joint venture as Akshaya has the expertise in real estate development. But the family’s business is closely knit with the entertainment industry and the new project will be a 'entertainment centre.'


HBL