You are here: Home » Companies
;
Business Standard

Cinepolis takes remaining DT Cinema screens

The screens were sold for Rs 63.7 crore; deal is subject to approval from Competition Commission of India

Urvi Malvania  |  Mumbai 

This is article Banner

Carnival Cinemas partners with Zicom to provide electronic security to moviegoers

The seven screens still with DLF's cinema chain, DT Cinemas, have been acquired by Mexican multiplex chain Cinepolis.

DLF disclosed in a filing on the BSE exchange that the screens were sold for Rs 63.7 crore. The deal is subject to approval from the Competition Commission of India (CCI).

The properties in question are in South Delhi -- six screens in the locality of Saket and one in Greater Kailash-II. DLF has, thus, exited the cinema exhibition business. The company used to operate 39 screens and had initially signed an agreement with Ajay Bijli's PVR Cinemas for the sale of all. CCI objected and the deal was reworked; this May, PVR acquired 32 of the screens.

This acquisition increases Cinepolis' presence in India to 267 screens. The company is present in 41 Indian cities, including Delhi, Mumbai, Kolkata and Bengaluru. Cinepolis India has also been strategically targeting tier-I/tier-II cities like Hyderabad, Kochi, Vadodara, Pune, Ahmedabad, Lucknow, Amritsar, Bhopal, and Vijayawada, to grow its brand presence.

Javier Sotomayor, managing director, Cinepolis India, said they'd refurbish the screens it had bought. Adding: "We have plans to transform these into landmark properties...we have strengthened our presence to 24 screens in Delhi."

Sriram Khattar, head of the rental business at DLF India, said: "This deal is in line with our strategy to focus on our core business."

YES Securities, a subsidiary of YES Bank, and J Sagar Associates were the financial and legal advisors, respectively, to Cinepolis India on this transaction. And, EY India and Luthra & Luthra were the financial and legal advisors, respectively, for DLF.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, September 02 2016. 20:24 IST
RECOMMENDED FOR YOU