New Delhi: Cinepolis India, the subsidiary of Mexican multiplex chain operator Cinepolis, is looking to take its total count of screens to 600 in the country over the next four years, said a top company official. The multiplex chain, which currently operates around 348 screens in the country, has plans to add around 40 screens every year.
The company is also looking to pursue inorganic growth opportunities if it finds a right chance to buy. India is the second largest market for Cinepolis after home country Mexico.
“Probably, with the organic growth, we may reach around 600 in the next four years by 2022,” Cinepolis Asia MD Javier Sotomayor told .
Further, he said, the multiplex operator would also pursue inorganic growth opportunity for its expansion.
On plans of expansion through inorganic route, he said, “We are always looking for that possibility…we are interested, if get some in the top 60 cities of the country.”
The company, however, did not share any investment plans for expansion in India.
Ay present, Cinepolis operates in 17 countries and India is the second largest market after Mexico, followed by Brazil.
On being asked that whether India could be Cinepolis largest market globally, Sotomayor said: “Eventually, it may be. This country has great potentials.”
According to him, the screen count in India is very low in comparison to other countries and it provides opportunities to grow as the economy is expanding and disposable income is increasing.
“China has 50,000 operational screens as we speak and India has only 2,500 multiplex screens and there would be roughly 10,000 single screens,” he added.
Cinepolis, as per its strategy, is also tapping opportunities available in tier III markets, apart from the metro and tier II.
It is extending Fun Cinemas, which it had acquired in November 2014, with basic offering in tier III cities and focussing on Cinepolis for the high segment metro and tier II places.
“People are now eager to consume high-quality entertainment and this includes tier III cities as well, where we have great experience,” he said, adding “we are very much interested in being there”.
Cinepolis is the third largest cinema exhibitor, after the market leader PVR and Inox Leisure in India.
The development was reported by retail.economictimes.indiatimes.com