Adlabs Films, which owns a chain of multiplexes across the country, on Monday said it has entered into agreements with several existing cinema properties in the US and will be operating a 200-screen cinema exhibition chain in that country.
According to an official release issued by the company to the Bombay Stock Exchange today, the consolidated chain will have a footprint across the US, covering 28 cities including key markets in the east, midwest and west coast. These cinema halls will play mainstream Hollywood films, in addition to movies in various Indian languages like Hindi, Tamil and Telugu.
When contacted, Tushar Dhingra, COO, Adlabs said, ?We are not in a position to provide any more information beyond this.?
Reliance ADAG, through Reliance Capital Ltd, now owns a majority stake in Adlabs, originally founded by Manmohan Shetty as a laboratory for processing advertising films over three decades ago. The firm is now into production, distribution and processing, apart from the multiplex business.
But last month, the company said that both Shetty, who was chairman & managing director, and daughter Pooja Shetty have stepped down from the board of the company to pursue other business interests.
Adlabs today has multi-crore deals with directors like Ram Gopal Verma, Prakash Jha and Vipul Shah. Earlier this year, the company also acquired a majority stake in Siddharth Basu?s Synergy Communications.
Adlabs stock was marginally down by 0.01% on the BSE on Monday, to close at Rs 1,150.10.
