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Our Bureau

New Delhi, May 21 Mexican cinema chain Cinépolis has finally announced its entry into India with plans to set up 500 screens over the next seven years, starting the second half of this year.

Claiming to be the fifth largest movie theatre circuit in the world, Cinépolis has already signed up for 110 screens in eight cities.

The company is tying up with mall developers in a mixed structure which includes a revenue share.

Its “megaplexes” are expected to have a minimum of 10 screens each.

They will be located in prime locations, preferably in malls of 500,000 sq. ft with a departmental store or hyper market as anchors, said Mr Milan Saini, Country Head, Cinépolis.

It is also in talks with IMAX.

At a cost of about $700,000 a screen, Cinépolis plans to fund its expansion through equity, according to Mr Javier Sotomayor, Strategy Head, Cinépolis, a privately held company.

While many of the catchment areas for the product, including ‘luxury cinema’, may have already been captured in the metros, Cinepolis sees an opportunity in the young demographic of the country and the low ratio of number of multiplex screen to population. It stands at one multiplex (or 12 screens) to a million people.

More Stories on : Outlook | Cinema

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