IMAX Corporation announcedtoday (Apr 29) that it has signed an agreement to install three theatres inIndia, marking the company's largest international multiple dealcommitment to date.
The deal with commericalreal estate developer Aerens Developers & Engineers was closed in lateMarch and brings to six the number of IMAX theatres that will be open by 2006,marking the sub-continent as the second fastest growing market after China inIMAX's 35-year history.
The three new IMAX theatreswill be installed by 2006 and will be capable of playing 2D and 3D IMAX films,as well as Hollywood event films that have been reconfigured using thecompany's proprietary digital remastering technology.
Currently there are two IMAXtheatres in India, the Adlabs IMAX Theatre in Mumbai, which opened in 2001, andthe Gujarat Science City IMAX 3D Theatre in Ahmedabad, which opened in 2002.The Prasad IMAX Theatre in Hydrabad is scheduled to open before June of thisyear.
In a joint statement IMAXco-chairmen and co-chief executive officers Richard L Gelfond and Bradley JWechsler said: 'India, with its long history of movie-going culture, isan ideal market for IMAX theatres.'
'We are really excitedabout the direction that IMAX has taken and look forward to exhibitingre-purposed Hollywood and potentially Bollywood films, as well as traditionalIMAX films,' Rajesh Gupta, vice chairman of Aerens Developers &Engineers, said in a statement.