Showing posts with label BIG Cinemas. Show all posts
Showing posts with label BIG Cinemas. Show all posts
Carnival Cinemas takes over Big Cinemas from Reliance MediaWorks
7:42 AM
The new owner of the theatre chain wants to enhance the cinema-going experience.
Roshmilla Bhattacharya (MUMBAI MIRROR; December 16, 2014)
On August 11, Mirror reported that Carnival Group from Kochi, Malaysian Group Navis and the Chennai-based Satyam Group, along with PVR and Inox, are in contention for a merger with Reliance MediaWorks (RMW) which controls the theatre chain, Big Cinemas.
At that time Daljeet S Singh, the RMW spokesperson, had said that there were no plans to sell the chain.
However, on Monday, RMW announced that in an attempt to reduce Reliance Capital's overall debt by around Rs 700 crore, it had sold its multiplex business, excluding IMAX Wadala, to Carnival Cinemas. This development makes Carnival one of the top three multiplex players in India, with over 300 screens across the country.
Shrikant Bhasi, Chairman, Carnival Group, revealed that their target is to have 1,000 screens by 2017. "We are in talks with a couple of other multiplex chains and aim to be No 2 by the end of this financial year," Bhasi asserted.
In July, the group had acquired HDIL's multiplex chain Broadway Cinemas for Rs 11 crore as part of its expansion.
In an interview Bhasi had promised "value for money" to patrons. When quizzed on how he plans to outscore his bigger rivals, PVR and Inox, Bhasi said: "More than the metros, our focus is on the tier II and tier III cities. With food courts, cafes and entertainment centres for kids, our theatres will offer families a complete package that goes beyond just watching a movie. We want to turn the cinema viewing experience into a carnival."
The corporate has also forayed into movie production, exhibition and distribution. They have produced four Malayalam movies and two Hindi films and plan to invest in more movies in the future.
Bhasi also has some surprises in store for his Mumbai customers. Although he remained tight-lipped on details, he said: "We plan to up the entertainment quotient of cinema-going with interesting add-ons."
BIG Cinemas to merge with Inox or PVR?
7:40 AM
Vickey Lalwani (MUMBAI MIRROR; August 11, 2014)
Rumours have been rife that
BIG Cinemas is up for sale. Mirror has it that Reliance MediaWorks
(RMW), which controls the theatre chain, is in advanced talks with PVR
and Inox to bring one of the other multiplexes on board as a 'majority
partner'. Recently, Carnival Group from Tamil Nadu, a Malaysian Group,
Navis, and the Chennai-based Satyam Group have also joined the list of
contenders for the merger.
A source close to the development said, “Exhibition is not the core business of RMW which is why the wish to merge it with a company whose core competence is exhibition. The company will remain a 'minority partner' but will focus more on infrastructure and telecom, reaping the benefits of the merger in the long run."
When contacted, Daljeet S Singh, RMW spokesperson, said, “There are no plans to sell the multiplex business but we are considering various options of value creation by unlocking value of our non core assets, on the lines of a recently concluded deal whereby the company merged its film and media business with Prime Focus.“
The company which is part of the Anil Ambani group is the third largest player in cinema screen business with 280 movie screens across India. PVR is the largest player with more than 444 screens, while Inox is at No. 2 with over 316 screens.
A source close to the development said, “Exhibition is not the core business of RMW which is why the wish to merge it with a company whose core competence is exhibition. The company will remain a 'minority partner' but will focus more on infrastructure and telecom, reaping the benefits of the merger in the long run."
When contacted, Daljeet S Singh, RMW spokesperson, said, “There are no plans to sell the multiplex business but we are considering various options of value creation by unlocking value of our non core assets, on the lines of a recently concluded deal whereby the company merged its film and media business with Prime Focus.“
The company which is part of the Anil Ambani group is the third largest player in cinema screen business with 280 movie screens across India. PVR is the largest player with more than 444 screens, while Inox is at No. 2 with over 316 screens.
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