Pyramid Saimira-China Society Music in JV

Indian entertainment major Pyramid Saimira Theatre has floated a joint venture (JV) with the China Society Music Research Board, a unit of the Chinese Ministry of Culture, to enter entertainment industry in that country.    

The Managing Director of the Pyramid P S Saminathan told reporters that his company would invest Rs 400 crore in the JV during the current fiscal.    

The JV would manage cinemas, produce films, provide contents for television programmes in that country, besides exporting films produced, he said.    

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

The JV would create a huge theatre chain network in China along with food courts and gaming parlours, Yang Li, Chairman of the China Society said.    

The film industry in her country was in its infancy and the JV would go a long way in promoting that industry, she said.    

Yang Li, heading a five-member high level official team from China, said she was impressed with the facilities of film industry in the country, particularly of Pyramid.