Multiplex operator Inox Leisure has said that it will acquire Gurgaon-based rival Satyam Cineplexes in a Rs.182-crore deal, which would strengthen its presence in North India. The Mumbai-based exhibitor will acquire 100% equity share capital of Satyam from its promoters, Inox said in a statement. The company's board at its meeting “approved the acquisition of 100 % equity shares of Satyam Cineplexes for a total consideration of Rs.182 crore“, Inox said in a filing to the BSE. Post acquisition, Inox would be present in 50 cities with 91 multiplexes and 358 screens, it added.
“The proposed acquisition of one of the industry's prime assets, is a part of Inox's strategy to expand its footprint across the country and gives INOX a significant foothold in the North Indian region,“ the company said.
This is the third acquisition of Inox in last seven years. In May 2013, Inox had merged Fame India, a multiplex cinema theater firm, with the company after acquiring controlling stake in 2011. Similarly, in 2007, Calcutta Cinema (CCPL) a West Bengal-based multiplex theater firm was merged with Inox.
“The proposed acquisition of one of the industry's prime assets, is a part of Inox's strategy to expand its footprint across the country and gives INOX a significant foothold in the North Indian region,“ the company said.
This is the third acquisition of Inox in last seven years. In May 2013, Inox had merged Fame India, a multiplex cinema theater firm, with the company after acquiring controlling stake in 2011. Similarly, in 2007, Calcutta Cinema (CCPL) a West Bengal-based multiplex theater firm was merged with Inox.
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