Carnival Group buys HDIL's multiplex business for Rs 110 cr
Jul 04 2014 , New Delhi
"Both the firms have been in talks with each other for a few months and the deal concluded on July 2, 2014. Carnival Group bought over HDIL's multiplex chain Broadway Cinemas for around Rs 110 crore," the Kerala based company said in a statement.
HDIL operates a chain of multiplexes under the brand name Kulraj Broadway across India.
Chairman of Carnival Group Shrikant Bhasi said: "... acquiring HDIL's Broadway Cinema is one more step towards achieving our aim of Vision 300 (launching of 300 screens across India).
"With the integration of Broadway, we plan to boost and draw audiences to cinemas keeping in mind the Carnival experience all across."
HDIL has sold its entire 100 per cent shareholding in HDIL Entertainment, a wholly owned subsidiary of the company, to Carnival Films.
"The sale of HDIL Entertainment to Carnival Films has been part of the group's strategy to exit its non-core business and fully focus on its core business," HDIL Vice- President finance and investor relations, Hariprakash Pandey said yesterday.
This will also enable HDIL to reduce its debt as planned, he added.