The joint venture was set up by Chennai-based Pyramid Saimira Group and Jiangsu-based Longzhe Group in March, with the help of Chinese state-owned China Society Music Research Board (CSMRB). It plans to launch 25 cinemas in China in the next 6 months. 'The goal is to build a total of 100 cinemas across China,' said CSMRB secretary general Yang Linchuan.
The cinema, called Huainan Pyramid Longzhe Theatre Entertainment Tower, is a 2-screen cineplex equipped with 2 digital projectors and 290 seats.
At the launch ceremony, PLCTL Chief Operating Officer Venkat said, 'We always knew that China was a huge potential market to tap and after signing the historic deal with CSMRB, we initiated work at a very brisk pace. Huainan Pyramid Longzhe Theatre Entertainment Tower is one in a series of six more entertainment towers, which would be launched by PLCTL by December.'
The Huanin cinema will be followed by two cinemas in Liyang City and the Nanjing City of Jiangsu Province. The Liyang cinema will have 4 screens and will be launched by November.
Apart from building and upgrading cinemas in China, the joint venture also plans to develop animation and post-production services. It is understood that the total investment in China reached $80m.
Pyramid Saimira Group is the first Indian entertainment firm to enter China's cultural and entertainment industry. In doing so, the group signed an agreement with CSMRB to help the Chinese ministry of culture in exchange programs with India.