Glitz Cinemas to add 28 new screens by next fiscal

Glitz Cinemas, promoted by Stargaze Entertainment and funded by the Network18 Group, today said, it will add 28 new screens by March, 2013, with an investment of Rs 75 crore.

At present, it operates 22 screens in Delhi, Ajmer, Kurukshetra, Raipur, Ranchi, Dehradun, Bilaspur and Jodhpur.

"With a total investment of Rs 75 crore, Stargaze will stand at 50 screens across 17 locations, covering almost 3,50,000 sq ft of retail mall space and reaching 5 million captive customers," it said in a statement here.

"Our expansion plans are in line with our vision to deliver international cinematic experience in smaller cities, where there is a huge growth potential," Stargaze Entertainment founder and Managing Director Sumant Bhargava said.

The firm will offer a total number of 12,000 seats and hire more than 1,000 people for this. The company has invested about Rs 45 crore for setting up these 22 screens and had a turnover of Rs 13.25 crore last fiscal.

The company is funded by Capital18, the private equity arm of the Network18 Group promoted by Raghav Bahl.