Glitz Cinemas to invest Rs 750 mn by March 2013 for expansion

MUMBAI: Stargaze Entertainment, the film exhibition company which operates chain of multiplexes under its brand Glitz Cinemas, said it will invest Rs 750 million by 2013 to expand its presence in tier-II and tier- III cities.

The company will add 28 new screens as a part of its expansion plans. At present, Glitz Cinemas has presence in Delhi, Ajmer, Kurukshetra, Raipur and Ranchi.

With the addition of 28 new screens, Stargaze will offer a total number of 50 screens across 17 locations comprising 12,000 seats and create employment opportunities for more than 1,000 young Indians, the company claims.

Glitz Cinemas will have almost 350,000 sq. feet of retail mall space under its belt and will reach five million captive customers, it said.

Stargaze Entertainment MD Sumant Bhargava said, "Our expansion plans are inline with our vision to deliver international cinematic experience to smaller cities of India which do not have quality cinema infrastructure. The market has huge growth potential and with upcoming retail infrastructure in these cities, we hope to sustain our current growth rate and also consolidate our market position by March 2013."

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