Pyramid Saimira adds 36 theatres in West Godavari and Nizam areas

Pyramid Saimira Theatre Ltd has announced that has announced the addition of 36 theatres in Andhra Pradesh in the West Godavari and Nizam areas. With this acquisition, the Company has added 23,000 seats in Andhra Pradesh. The Company has acquired the distribution rights for the mega Rajnikanth movie, Sivaji for Nizam area (as known in turn trade).

Speaking at the occasion, Mr. V Natarajan, Chairman of the Company said, "We are extremely happy to expand in Andhra Pradesh, which is a pivotal market to us. All theatres that PSTL has acquired are of good quality with superior features like OTS and AC. In fact, PSTL has already digitized more than 10 theatres and will digitize all the theatres in its network. We plan to invest Rs 100 crore in the state of Andhra Pradesh for infrastructure improvement and digitization, amongst other developmental activities, in the current fiscal year."

The Company has plans to construct over 25 multiplexes in the state of Andhra Pradesh, for which, theatre and land identification is going on. The Company is keen on purchasing close to 100 single screen theatres in the next two years in the state. As part of their content fund and production effort, the Company will produce more than 6 Telugu films this year, through their subsidiary, M/s. Pyramid Saimira Productions Ltd. The Company plans to purchase around 20 films this fiscal year in Andhra Pradesh, for which, they are already in touch with top producers of the industry.

The Company expects more than Rs 12 crore as revenue in the Nizam area alone, through the exhibition and distribution of Sivaji.

Source : Equity Bulls

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