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Mexican firm Cinepolis to foray into Indian multiplex biz with Rs 3.85 bn plan
MUMBAI: In its bid to be the first international multiplex brand to foray into the country, Mexican cinema chain major Cinepolis has declared its plans to invest an estimated Rs 3.85 billion to build 110 movie screens in the next 2-3 years in India.

"We hope to launch our first multiplex in the second half of this year and have already signed 110 screens across 8 cities with various real estate developers," said Cinepolis country head Milan Saini.

"We are also experimenting with a low cost cinema brand in Mexico, which might be introduced to India later," he added.

The Mexican company that will invest an estimated Rs 35 million per screen plans to build 500 screens in 40 Indian cities by 2016. Cinepolis, which has been steadily expanding its base in Latin America, believes that India is likely to become its fastest growing market in a short span of time.

The company will initially target the mid-market multiplex segment and luxury cinema concept. Unlike existing cinema chains which normally have 3-4 screens per multiplex, Cinepolis will focus only on opening megaplexes with 10 or more screens at a single location.

Touted to be the fifth largest international multiplex chain, Cinepolis had total revenues of $675 million in 2008 with over 13,000 employees. It has been adding 200 screens per annum, largely in Latin America.

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