Tuesday, January 29, 2008

Pyramid Saimira to raise $775 m

Pyramid Saimira Theatre announced here on Thursday that it proposed to raise $775 million by April-May this year through three of its subsidiaries and the parent company for acquisitions and expansion. “By June, we would have invested $1 billion,” said P. S. Saminathan, Managing Director of the group, at a press conference.

The company acquired a major stake in London-based Aurona Technologies Ltd, a video-gaming and interactive entertainment software company, along with its top management, while three other acquisitions were in the pipeline. Mr. Saminathan said the company was scouting for a place either in Chennai or Hyderabad or Bangalore for setting up a special economic zone (SEZ).

Targeting the younger customer-base, the company was planning to convert at least 1,000-1,500 sq. ft. of space in every theatre in its chain into console gaming space.

Mr. Saminathan said the company was planning to produce 60-70 movies with an investment of Rs. 800 crore this year out of which Rs. 200 crore would be spent on gaming and animation.

The group turnover was expected to be Rs. 800-900 crore by the end of the current fiscal.

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