Miraj Cinemas to add 30 screens in Telangana.

Miraj Cinemas is betting on the Telangana market where it plans to add 30 more screens in the next 15 months from.four screens now.

Miraj Cinemas, the fifth largest multiplex chain in the country, aims to double its screen count to 200 in 15 months by acquiring independent theatres and converting them.

Owned by a Rajasthan based diversified group, Miraj acquires single screen theatres or independent properties and converts them into 3-4 screen multiplexes with amenities such as Barco projectors, Harkness screens, Dolby sound, push-back seats and gourmet food. Miraj Cinemas is the sixth player to cross 100 screens.

“Today, we have 110 screens operational with 15 more screens awaiting permission,” Bhuvanesh Mendiratta, Vice-President, Operations & Development, Miraj Cinemas said.

“We are planning to reach 200 screens by Q1 of 2020 and we can comfortably add 50-plus screens per year,” he said. According to Bhuvanesh, the company needs Rs. 200 crore for its expansion plans. Of this Rs. 80-100 crore will come from internal accruals and debt. The company might look for a financial investor once it reaches 130-150 screens.

HBL