Providence is largest shareholder in UFO Moviez with Rs 2.6 bn investment

MUMBAI: Global private equity firm Providence Equity Partners, which specialises in investments in media, entertainment, communications and information services, has invested Rs 2.6 billion to become the largest shareholder in UFO Moviez.

Though the two companies did not disclose the exact stake acquisition, it confirmed that Providence would have a significant minority equity stake in UFO. Valuable Group, Apollo International as well as 3i Group, the Indian promoters of UFO, will continue to remain significant shareholders.

UFO Moviez will use the Providence investment for acquisitions and  expansion, including purchase of a strategic stake in Scrabble
Entertainment, divulges UFO Moviez joint managing director Kapil Agarwal.

Scrabble has over 250 screens where they have installed the Hollywood Studios mandated DCI certified Digital Cinema systems. This acquisition will help UFO provide greater flexibility to distributors and exhibitors.

Agarwal avers, "In the coming couple of years, we will target 4000 screens out of an approximate 6500 digital screens and in the next three years, we will digitise between 8000 to 9000 screens of around 12,000 screens. We will also roll out 3D systems in more than 1000 screens across India."

UFO Moviez claims to have the largest chain of satellite-based digital cinemas in the world with over 1800 screens across India. It has close to 25,000 installations across the country and claims to be the only company in the world delivering MPEG content for digital cinema via satellite.

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