We will be announcing details in two weeks. Next year, we will open 30-50 screens, said Ashish Shukla after taking over as head, exhibition, Cinepolis India.
Talking to FE over phone, Shukla said the multiplex chain had signed 110 screens which are in various stages of development in the south, west and north. This is a part of their aggressive plan to have 500 screens all over India in 5-7 years with a presence in 40 cities.
We are in discussions with more than 200 mall developers and 300 property consultants across the country to set up 500 screens in seven years. We are in talks with JLL Meghraj, the global real estate consultant, who is facilitating closing deals with mall developers, he added.
The real estate sector which bore the brunt of the global meltdown since the latter half of 2008 stalled the construction of a number of malls nationwide. But Cinepolis India claims that hasnt affected its plans. The delay in such commercial projects did not hamper our negotiation process with developers, Shukla told FE.
It is estimated that around 40,000-70,000 sq ft of area would be created per location for a multiplex. Cinepolis India, which is a wholly-owned subsidiary of Cinepolis Mexico, has earmarked $350 million for its India operations.
We want to be the industry leader and a major multiplex player in this country. At present India has 600 multiplex screens, he said.
Asked about Kolkata plans, Shukla said the company was in tal ks with four leading mall developers. He declined to divulge details but said the city is high on our priority list.
Globally, Cinepolis operates 2,000 screens and registered revenues of $675 million in the calendar year 2008.