India’s second largest multiplex chain operator INOX Leisure Ltd (INOX) has acquired two theatres of Multiplex Cinema in Gujarat, for an undisclosed amount, according to a stock market disclosure.
In a filing to BSE, INOX Leisure said it has taken over operations of Multiplex Cinema Theatre, near Adalaj, Gandhinagar Sarkhej Highway, which has three screens, and 1,308 seats. In a separate filing, the company announced it has acquired operations of Multiplex Cinema Theatre, located at Old Dharam Cinema Building, Kasturba Road at Rajkot, with three screens and 612 seats.
With the acquisitions, INOX is now present in 54 cities with 99 multiplexes, 383 screens and 1,01,349 seats, it said.
Last year, INOX had bought New Delhi-headquartered Satyam Cineplexes Ltd for over Rs 200 crore including debt. Satyam has nine multiplexes, including three in Delhi and one each in Amritsar, Indore, Jodhpur, Mysore, Rohtak and Aurangabad with total 38 screens.
There have been a string of consolidation moves in the multiplex business over the last five years which started with INOX acquiring Fame in 2010 after a takeover battle with Big Cinemas. This was followed by PVR’s acquisition of Cinemax, that catapulted Delhi-based PVR to the pole position.
In June this year PVR Ltd, the country’s largest multiplex chain operator, agreed to acquire the cinema exhibition business of realtor DLF Ltd for Rs 500 crore.
Late last year Carnival Group had snapped Big Cinemas to become the third largest multiplex operator. Others like Cinepolis have also acquired competitors to scale up their business.