Cinepolis To Invest Rs 400 Crore In Two Years, Open 160 Screens

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NEW DELHI – Mexican multiplex chain Cinepolis said it will invest around Rs 400 crore in the next two years to launch 160 more screens, which will take its total number of screens here to 400.

With 240 screens at present, Cinepolis is the fourth largest player in the Indian multiplex market after PVR, Inox and Carnival Cinemas, in terms of number of screens.

“There is a huge demand and supply gap in India,” said Javier Sotomayor, MD of Cinepolis India. “The Chinese aren’t too fond of watching movies but China has 35,000 screens compared to around 10,000 screens here.”

India is the world’s sixth largest movie market, trailing the likes of the US & Canada, China, Japan, UK and France, according to MPAA Theatrical Market Statistics Report. The domestic movie industry is slated to grow at a CAGR of 10% in the next five years, said a study by KPMG-Ficci.

“We have acquired properties but can’t launch them yet due to real estate issues here,” said Sotomayor. “The multiplex business is closely related to the real estate industry and its pace of growth hasn’t been very robust lately. However, we are expecting a second wave of growth to come eventually.”