Currently 23 screens operational; 75+ screens to be operational during FY23
Mumbai, 27th May 2022 :- Cineline India Limited has made a comeback in the movie exhibition business under a new brand, MovieMax, and aims to grown PAN India in the cinema space. Under the new brand, it successfully started operations from 1st April 2022.
Currently, the Company has 23 operational screens across Mumbai, Thane, Nagpur and Nashik and has plans to have 75+ operational screens during FY23.
To support the enormous growth opportunity, the Company is currently in the process of hiving-off the Non-Core Business to become an asset-light Company. It plans to monetize the Eternity Mall in Nagpur, Commercial Properties in Kanakia Boomerang as well as Hotel Asset in Goa owned by the wholly-owned subsidiary.
Our Current Footprint is as follows: (Includes Operational + Tied up Screens)
· No. of Cinemas – 26
· No. of Screens – 101
· No. of Seats – 22,600+
· Cities Present – 17
Commenting on the same, Mr. Rasesh Kanakia, Chairman, said
“We are pleased to see a strong traction of footfall at MovieMax in April and May. While going live online and creating brand awareness for MovieMax started in April, we did very good business.
Post the pandemic, we are seeing huge opportunities in the film exhibition space, and we will aggressively grow our business.
We are focusing on Tier II & III cities because of lack of entertainment avenues especially multiplexes. We want to increase our penetration and acquire more screens, PAN India. We will look to convert single screens into multiplexes.
We are going to be a prominent player in this film exhibition industry, and we are targeting to tie up ~300+ screens by FY25”
