Cinepolis plans $350-m India show, scouts for local partners

by Dave

The Economic Times

Leading global multiplex player Cinepolis is entering India. The Mexico-based firm, considered to be the fifth-largest cinema operator
, has initiated talks with real estate developers in the country for its multiplex operations. Once it starts operations, it would become the only international multiplex player in the domestic market.

According to sources, Cinepolis India, which is a wholly- owned subsidiary of Cinepolis Mexico, has earmarked $350 million for its India operations.

Replying to ET’s e-mail questionnaire, Cinepolis India country manager Minal Saini said, “We are committed to India. Our initial target is to have presence in 40 cities. In the next 5-7 years, our goal is to have 500 screens.”

The exhibition chain is expected to position itself as a premium destination
. “We are looking at cities with the right combination of affluence, movie watching propensity and population.