Miraj Cinemas, the fifth-largest multiplex chain in India, buys single-screen theatres or independent properties and converts them into 3-4-screen multiplexes.
Miraj Cinemas, owned by Rajasthan-based diversified business group Miraj, is planning to double its screen count to 200 in 15 months. This expansion will keep up with the company's strategy of expanding by acquiring independent theatres and converting them.
Miraj Cinemas, the fifth-largest multiplex chain in India, buys single-screen theatres or independent properties and converts them into 3-4-screen multiplexes with amenities such as Barco projectors, Harkness screens, Dolby sound, pushback seats and gourmet food.
Mirage Cinemas is the sixth player to cross 100 screens milestone.
Amit Sharma, Chief Executive of Miraj, said, "We took over three months to reach from 96 screens to 100 because of permissions, but since then, we have picked up speed. Today, we have 110 screens operational with 15 more screens ready and awaiting permission."
"We have a smaller roadmap for a bigger vision. From here, we see reaching 200 screens by Q1 of 2020 and we can comfortably add 50-plus screens per year. Miraj is expecting to close this financial year with a revenue of Rs 165-170 crore from the cinema exhibition business with an Ebitda of Rs 25-28 crore," he added.