Realty player SRS Group is expanding its cinema exhibition business and plans to have

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100 screens over the next three years with an investment of Rs 250 crore.

Currently, SRS Cinemas, the theatre chain of the group, operates 14 screens across four multiplexes in Gurgaon, Faridabad and Gorakhpur.

"We plan to have 100 screens by December 2012 and will invest close to Rs 250 crore for this. Most of these screens will come up in tier II and III cities," SRS Group President Tinku Singh said.

The company plans to reach the 50-screen mark by December 2011, he added. It will fund the expansion through a mix of internal accruals, debt and through an initial public offer.

"We plan to file for an IPO for SRS Ltd by May next year. We are looking at raising about Rs 350 crore which will fund our expansion plans," he said.

SRS Ltd operates three verticals -- cinema exhibition, food and beverages and retail.

"In this fiscal, we will have multiplexes in Ghaziabad, Varanasi, Agra, Ludhiana and Patiala, taking the total number of screens to 35. We are targetting the smaller cities rather than the metros as we believe this will give us the first mover's advantage," Singh said.