Pyramid Saimira signs pact with Ritual Developers

Pyramid Saimira Theater Ltd, India's largest theatre chain, has entered into a three-year strategic alliance with the Bangalore-based Ritual Developers Ltd, to set up multiplexes across Karnataka. They will set up a special purpose vehicle (SPV) for the projects.

Investments of Rs 600-700 crore have been envisaged in 15 projects to be implemented across the state. While Pyramid will invest about Rs 35 crore, their partner will invest Rs 50 crore. The rest will be raised as debt.

According to the agreement, the 15 multiplexes will come up in Bangalore, Tumkur, Dharwad and Mysore. In Bangalore, the theatre chain plans to initially have screens at two locations, one at Domlur in east Bangalore and the other in the city where the States theatre stands today.

Ritual Developers, who have a land bank of close to Rs 500 crore in value, will develop close to 15 lakh sft for Pyramid Theatres over the next three years. Pyramid plans to have multiplexes with food courts, family entertainment centres and other multiple entertainment services, built in these locations. The first 'bhoomi pooja' is expected to be held in the third week of February.

P S Swaminathan, managing director, Pyramid Saimira Theater Ltd, said, "Our vision is to be the largest vertically integrated theatre chain in the world. In just one year we added over 230 screens and have set a target of 2,000 theatre screens by 2010. This also takes us closer to reinstate Pyramid as a global leader in vertically-integrated theatre chain."

Pyramid Saimira has a presence across 210 towns with over 230 screens. It has over 1.33 lakh seats per show with over 36 lakh sft under operational management.

Pyramid is an exhibitor-cum-distributor and converts theatres into digital exhibition "� an entertainment medium with digital theatres, family entertainment centres, food courts and others.