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Shriram Mall joins hands with Pyramid Saimira

Special Correspondent

BANGALORE: Many crumbling old cinema theatres may not just shut down but become spanking new multiplexes-cum-malls.

Shriram Mall Infrastructure Pvt. Ltd., a subsidiary of Shriram Properties, Bangalore, and part of the Shriram group, on Monday signed a memorandum of understanding (MoU) with Pyramid Saimira Theatre to set up 100 multiplexes and malls, mostly in Tier-II cities in South India, with an investment of Rs. 5,000 crore over the next three years.

Shriram Properties' Managaing Director, M. Murali, and Saimira's Managing Director, P. S. Swaminthan, announced this first-of-its-kind alliance to jointly revamp existing cinemas which are in prime locations but in an `immovable' state.

In the joint venture, Shriram Mall Infrastructure will hold 70 per cent and Pyramid Saimira 30 per cent.

Mr. Murali said, "Through this joint venture we intend to reach out to several Tier-II cities. Our strategy will be to acquire existing theatres and convert them into modern multiplexes and retail spaces. We are talking to a large retailer to partner us by putting in his supermarket chain." He did not name them.

Mr. Swaminathan said, "This joint venture will provide an ideal opportunity to become a dominant force in all Tier-II locations, making us the only entertainment brand to be dominant across most locations in South India."

Shriram Mall CEO, Hemanth Vengali, said, "Through this project we will develop more than 20 million sq. ft. of retail and entertainment spacewhere prices are not saturated and locations are available in commercially viable areas. We will also have the first mover advantage in most of these smaller cities."

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