Inox to invest Rs. 320 crore in 3 years, eyes regional acquisitions.

Multiplex operator Inox plans to invest up to Rs. 320 crore to open 128 screens in the next 2-3 years while it continues to scout for acquisitions, especially for regional players, to expand footprint across India.

'We have a visible property pipeline based on identified locations and signed lease agreements of adding 128 screens that could lead to about 557 screens in 2-3 years,' Inox Group of Companies Director and Group Head - Corporate Finance, Deepak Asher told analysts in a conference call.

Asher added that the company would spend between Rs. 2-2.5 crore each to open new screens, with the cost depending on the location where the screen will come up. To open 128 screens, the company will invest between Rs. 250-320 crore.

When asked if the company is done with acquisitions to expand its footprint, he said, 'There are 15 to 20 regional chains and all of these have anywhere between 20 to 60 screens each, so there would be potential consolidation opportunities ... we are willing to look at acquisition possibilities.'

At present, the national chains include PVR, Inox, Carnival and Cinepolis.

ET