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Our Bureau

Chennai, April 17

Pyramid Saimira Theatres Ltd (PSTL), the Chennai-based movie theatre chain, aims to have 400 theatres in its network by the end of 2006 and 1,000 theatres by the end of 2008, according to Mr P.S. Saminathan, Managing Director, PSTL.

Of these, 250 will be purchased, and the rest taken on lease. He told the press that the focus will primarily be on tier-two cities. Announcing the company's 100th addition to its theatre network, he said that PSTL buys or takes on lease existing theatres and converts them into digital multiplexes at a cost of about Rs 35 lakh-40 lakh per theatre. The content will then be shared through satellite. As part of the expansion plans, the theatres will either be single screen multiplexes or family entertainment centres, which will include a shopping mall and a play area for children. The company's investment to date stands at Rs 19 crore. It will further raise Rs 55 crore through private equity and Rs 100 crore by way of debt for further investments.

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