Published On:March 27 2017
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Mexico's Cinepolis to invest Rs. 250 cr in India, open 100 new screens.
Mexican multiplex chain Cinepolis will invest Rs. 250 crore to open over 100 cinema screens by the end of next year across India, its largest market outside Mexico.
'We plan to invest Rs. 250 crore in opening 100 screens across the country. We have set a goal to reach 600 screens by 2022,' Cinepolis India MD Javier Sotomayor told PTI.
Elaborating on the plan, he said: 'India has huge potential. We want to invest further in India... It is the largest market for Cinepolis outside Mexico in terms of ticket sales.'
The company, which presently has 295 screens in India, is looking at expanding its footprint in metro markets as well as Tier-II and III cities for its expansion in India.
'We will continue to expand in Tier-I, II and III markets. I will not agree that metros are saturated. There are 2,400 cinema screens in India. Compare this number to China, in last year alone, 8,000 new screens came up,' he said.
Cinepolis, which opened its first screen in India in Amritsar in 2009, acquired Fun Cinemas in 2015 and is looking at opening new screens under both the Cinepolis and Fun Cinemas brands.
At present, the company operates 191 Cinepolis screens, 10 Cinepolis VIP screens, 87 Fun Cinemas screens and 7 DT Cinema screens which it acquired last year.
When asked if the company is scouting for more acquisition opportunities to grow, he said: 'There are not many opportunities left... As long as these opportunities make strategics sense we will pursue them. We are looking at creating ways to grow organically.'
'There may be some smaller players and single-screen theatres in smaller cities...We are actively pursuing and our eyes are wide open for sure,' he added.