Inox plans 3 more multiplexes in Bangalore

Bangalore, Jan 2 | Updated: Jan 3 2006, 06:35am hrs
Inox Leisure Ltd, having opened its first multiplex in Bangalore at Garuda Mall last August, has chalked out ambitious plans for the city. The company will set up three more multiplexes at the prime localities of Malleswaram, Jayanagar and Koramangala.

The Malleswaram multiplex will have 7 screens with 1,720 seats, Jayanagar multiplex will house four screens with a seating capacity of 1,100 seats and the Koramangala multiplex will have 1,860 seats spread across 7 screens.

Bangalore will be the first city in India where Inox will operate four multiplexes with 23 screens.

The Garuda Mall, Inox multiplex, is already an important landmark in the city. The 5 screens, 1,100 plus seater multiplex has been designed by New Zealand-based Walker Architects.

Inox has a wide presence with eight operational multiplexes, with a total of 32 screens, across 7 cities - Mumbai, Pune, Vadodara, Goa, Jaipur, Kolkata and Bangalore. Inox, in the six years of its existence, has emerged as one of the fastest growing multiplex chains in the country.

In 2006, apart from Bangalore, Inox will take its expansion plans to include cities like Hyderabad, Chennai, Lucknow, Vishakhapatnam and Jaipur.

To finance the expansion plans and consolidate its position in the existing markets, Inox has proposed to enter the capital market with its initial public offering (IPO). The company has filed its draft red herring prospectus with the Securities and Exchanges Board of India to offer 16,500,000 equity shares, of which 4,500,000 equity shares of Rs 10 each is an offer for sale of by its promoters Gujarat Flurochemicals Ltd.

The company has also entered into a strategic alliance with the Pantaloon group that provides Inox with preferential access to all the real estate developments that are either funded or managed by the Pantaloon group.