NEW DELHI: HDIL’s multiplex chain Broadway Cinemas has been bought over by Carnival Group for around Rs 110 crore.
Both the firms had been in talks with each other for a few months and the deal was concluded on 2 July.
Carnival Cinemas (A division of Carnival Group) is gearing up to accomplish “Vision 300”, which is launching of 300 screens across India by end of this financial year. After having a strong hold in Kerala and other southern states, Carnival Cinemas now aims to give diverse movie watching experience by laying more emphasis on providing quality entertainment experience to citizens all across the country.
With this acquisition, Carnival Cinemas has plans to become a major player in multiplex business segment with an investment plans in the coming years.
Speaking about this acquisition Carnival Group chairman Shrikant Bhasi said, “Our journey began from Kerala but this step of acquiring HDIL’s Broadway Cinema is one more step towards achieving our aim of Vision 300 (launching of 300 screens across India). With the integration of Broadway, we plan to boost and draw audiences to cinemas keeping in mind the Carnival experience all across.”