Cinépolis acquires 7 Screens of DT Cinemas, from DLF
Cinépolis, India’s 1st international and World’s 4th largest exhibitor has acquired two properties of DT Cinemas, owned by DLF group (operated under the name DT Cinema), as part of its expansion strategy, in India. The two acquired cinemas: DT Cinemas, Saket (6 Screens) and DT Cinemas, Greater Kailash-2 (1 Screen) will be part of Cinépolis portfolio.
Cinépolis India now boasts 267 screens, with the addition of 7 screens in premier locations across Delhi NCR. The company has created a strong footprint across 41 Indian cities having strong presence in major metros: Delhi, Mumbai, and Bengaluru. Cinépolis India has also been strategically targeting tier-I/tier-II cities like Kolkata, Hyderabad, Kochi, Vadodara, Pune, Ahmedabad, Lucknow, Amritsar, Bhopal, and Vijayawada to grow its brand presence.
Speaking on the occasion, Mr. Javier Sotomayor, Managing Director, Cinépolis India said, “I am pleased to announce the acquisition of 7 screens of renowned exhibition brand DT Cinemas from DLF. Apart from taking over the operations, we will refurbish these cinemas and rebrand them to Cinépolis, in the near future. We have plans to transform these two cinemas into our landmark properties. With the opening of Cinépolis Rohini in May this year and now the acquisition of these 7 Screens, we have strengthened our screen presence to 24 screens in Delhi. Committed to our brand promise and focus to offer best cinema viewing experience, we will continue to increase our presence in the country.”
Mr. Sriram Khattar, CEO Rental Business - DLF India mentioned; “This deal is in line with our strategy to focus on our core business. It will provide the management a more focused approach for enhancing value, especially in our retail businesses. Cinépolis offers a new age experience to its patrons and we are confident that the brand will continue to provide excellent movie-viewing experience to a wider audience.”
The Mexican multiplex chain has transformed the movie watching experience of its patrons while providing a truly international movie-watching experience to the cinema lovers in India.
YES Securities (a subsidiary of YES BANK) and J. Sagar Associates acted as the exclusive financial and legal advisors, respectively to Cinepolis India on this transaction. EY India and Luthra & Luthra were the exclusive financial and legal advisors respectively to DLF on the transaction.