Carnival Group buys HDIL's multiplex business for Rs 110 cr

Media and entertainment firm Carnival Group today said it has bought Housing Development and Infrastructure's multiplex business for Rs 110 crore.

"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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Indian-promoted global corporations must follow accounting best practices

    The international advisory board (IAB) of capital market regulator Securities and Exchange Board of India (Sebi) has suggested that separate governanc

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Cost of education must be controlled

In India, we pay very little attention to the cost ...

Rajgopal Nidamboor

Focus to keep your daily qualms at bay

Philosophers and scientists have, for long, compared the human brain ...

Gautam Gupta

What we can learn from the French fashion scene

It was a pleasure and a treat to experience one ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture