Pyramid to develop multiplex chain in K'taka

Theatre chain Pyramid Saimira Theatre Ltd has entered into a three-year alliance with Bangalore-based Ritual Developers to develop 15 multiplexes covering an area of 15 lakh square feet in Karnataka.

The multiplexes are proposed to come up in Bangalore, Tumkur, Dharwad and Mysore.

Ritual Developers holds a land bank worth almost Rs 500 crore in Karnataka. Pyramid plans to house food courts, family entertainment centres and multiple entertainment services at its multiplexes.

P S Swaminathan, MD, Pyramid Saimira, said in a release that the company aims to set up 2,000 theatre screens by 2010.

"The agreement with Ritual to develop multiplexes across Karnataka takes us closer towards reinstating Pyramid as a global leader."