Movies

Pyramid Saimira to invest Rs 4 billion in Chinese JV

MUMBAI: Chennai-based Pyramid Saimira Theatre Ltd (PSTL) will invest Rs 4 billion in the joint venture it has floated with China Society of Music Research Board (CSMRB), a unit of the Chinese ministry of culture.


The JV company, Jiangsu Pyramid Longzhe Group, will create and operate theatres and distribute films, and engage in other entertainment, arts and cultural activities in China.


"We are looking to invest close to Rs 4 billion in the Jiangsu Pyramid Longzhe Group in the first year of operations itself," said PSTL MD PS Saminathan.


The JV will also organise exchange of artistes from both the countries. It also plans to launch one screen in China and would concentrate on non-box office revenues also.


Jiangsu Pyramid Longzhe Group COO Venkatakrishnan said, "We already have an established track record in operating multiplexes and stand-alone theatres in India, USA, Singapore and Malaysia. We will now be able to leverage and extrapolate our expertise in the larger market of China."


Longzhe Group chairman Yang Li said, "Relations between China and India have undergone a sea change in the last few years. Pyramid Saimira is one of the fastest growing companies in the world today and we are extremely happy to partner with them to grow and nurture the entertainment sector in China."

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