New Delhi, Jan 28 (PTI) Mexican multiplex chain operator Cinépolis today fully acquired Essel Group's Fun Cinemas for an undisclosed sum which is its first acquisition in the country.
The company, which started operations in India in 2009, said this acquisition is in line "with its vision to operate 400 screens by 2017."
Commenting on the acquisition, Cinépolis India Managing Director Javier Sotomayor said: "We have a clear vision of being the leader in cinema exhibition in India and operate 400 screens by 2017.
This acquisition is a step in that direction." He added: "There are two key drivers for the decision to acquire Fun Cinemas. First of all, this will strengthen the reach of the company in the two main cities of India - Delhi and Mumbai.
"Secondly, there are 5 markets where Fun Cinemas and Cinépolis are present together and the synergies brought in would maximise the profitability of joint operations."
Sotomayor added that the company will continue to operate under two different brand names till the time it integrates its processes. With this acquisition, Cinépolis' screen count in India has risen to 193, across 41 multiplexes and 31 cities.
Fun Cinemas has a total of 83 screens across 24 properties. Earlier this month, media and entertainment firm Network18 exited from multiplex business by divesting its stake in Stargaze Entertainment to Carnival Films for an undisclosed sum. Last month, Carnival acquired Big Cinemas from Anil Ambani-led Reliance Group for an estimated Rs 700 crore, the biggest ever in this sector.