New Delhi:
A worth of Rs 250 crore has been invested by Mexican multiplex chain Cinepolis over 100 cinema screens by the end of 2017 across India.
"We plan to invest Rs 250 crore to open 100 screens across the country. We have set a goal to reach 600 screens by2022," Cinepolis India MD Javier Sotomayor told PTI.
Elaborating, he said: "India has huge potential. We want to invest further in India... It is the largest market forCinepolis outside Mexico in terms of ticket sales."
The company, which presently has 295 screens in India, is looking at expanding its footprint in metro markets as well as tier II and III cities for its expansion in India.
"We will continue to expand in Tier I, II and III markets.I will not agree that metros are saturated. There are 2,400 cinema screens in India. Compare this number to China, in last year alone, 8,000 new screens came up," he said.
Cinepolis, which opened its first screen in India inAmritsar in 2009, acquired Fun Cinemas in 2015 and is looking at opening new screens under both the Cinepolis and Fun Cinemas brands.
At present, the company operates 191 Cinepolis screens,10 Cinepolis VIP screens, 87 Fun Cinemas screens and 7 DTCinema screens which it acquired last year.
When asked if the company is scouting for more acquisition opportunities to grow, he said: "There are not many opportunities left...as long as these opportunities make strategic sense we will pursue them. We are looking at creating ways to grow organically."
"There may be some smaller players and single-screen theaters in smaller cities...We are actively pursuing and our eyes are wide open for sure," he added. Cinepolis has operations in 13 countries including the US, Mexico, Brazil, Peru and Spain.
