UAE-based Aries Group’s Indywood Consortium is investing $5 billion to construct 2,000 multiplex screens across India, Aries Group chairman and CEO Sohan Roy told FE. The multiplexes would have an average of 5 screens, with one screen of 8k resolution, he said, adding that the group’s total investments in India and the Middle East would be $10 billion.
Aries Group was started with its flagship unit, Aries Marine, the largest ship design and consultancy firm in the Middle East.
“Our multiplexes would have an average of five screens depending on the population of the city. One screen would be of the highest resolution of 8k, which is also known as the digital wall. The rest would be 4k screens. We have already identified land owners who would be part of our consortium,” he said.
There are some greenfield multiplex projects and some conversion of old theatre complexes in the total investments, he said, and added that in a greenfield project, per seat investments would come to `2 lakh excluding land , while in a conversion it would be `1 lakh per seat.
Construction of the first 8k screen in India has already begun in Udupi, he added. The group currently has a multiplex in Thiruvananthapuram with 4k screen.
“We will increase our market share in marine, tourism and entertainment sectors by 2020. In entertainment, we will set up top-notch multiplex screens, home cinemas, films schools in India and the Middle East,” Roy said.
The consortium also plans to produce 1,000 movies over the next five years, with added focus on the Indian animation and television industry.
The Indywood Consortium initiated by Aries Group is an umbrella network connecting 2,000 influential and wealthy individuals with the latent potential of India’s multi-billion dollar film and entertainment sector, he added.
Recently, Aries Group acquired Mohanlal’s Vismayas Max Studio and Epic Studios, India’s biggest 3D Stereoscopic Studio facility.