The company plans to develop 2 million sqft of commercial realty by 2007. It is aiming to open 35 ‘Fun Multiplexes’ across the country by 2008.
NEW DELHI: It’s all for fun and E-City knows it all too well. Realising the potential of entertainment business in India, E-City, a part of the Subhash Chandra-promoted Essel Group, is investing Rs 250 crore for spreading the fun around.
The company, which deals with film distribution, movie exhibition, digital cinema solutions, out-of-home realty development, and mall-based property management, plans to develop 2 million square feet of commercial realty by the end of 2007. It is aiming to open 35 ‘Fun Multiplexes’ across 24 locations in the country by 2008.
“We are essentially in the cinema business but we have learnt to do it in a better way by entering into related industries, thereby maximising value and yet reducing the level of risks,” E-City Entertainment CEO Atul Goel said on Wednesday.
E-City Entertainment has set a revenue target of Rs 19.24 crore for 2006. Thereafter, it is planning to more than double its revenues every year to Rs 44.54 crore by 2007 and Rs 83.20 crore by 2008.
E-City Digital, the group’s division handling digital cinema solutions, has plans to digitise 100 screens by mid-2006 and 500 screens by the 2007-end. It has already entered into deals for digitising 50 screens in Mumbai.
Digital cinema is expected to revolutionise the movie business in the country. Through digital technology, print costs can be eliminated and film piracy can also be checked. It also helps in simultaneous release of movies across the country. Digital cinema also offers world-class experience of cinema viewing to film audiences, said Goel.
The company is also eyeing opportunities in distribution of theatrical rights of foreign films and syndication of offshore marketing of Indian films.
E-City Films has distributed movies such as Alexander, Million Dollar Baby and Sahara, in the country this year. The soon-to-be-released movies include The New World, History of Violence, Vegas Baby, and The Flock.
E-quotient: E-City Entertainment has set a revenue target of Rs 19.24 crore for 2006.
It plans to digitise 100 screens by mid-2006 and 500 screens by the 2007-end
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