National multiplex chain Inox Leisure Ltd has announced the completion of acquisition of a majority stake in Fame India Ltd, which owns the chain of Fame Multiplexes.
With this, Fame India has become a subsidiary of Inox Leisure, which now holds 50.27 per cent stake in the company. On February 3, 2010 Inox had acquired 43.28 per cent stake in Fame India and two days later, it acquired another 7.21 per cent stake.
Deepak Asher, director, Inox and Fame, said, “We are delighted to have completed this transaction and acquire control over Fame. This reiterates our core belief in the fundamentals and long-term prospects of the film exhibition business in India.” “We are now focused on seizing the attractive opportunities this transaction has created for us to increase top-line growth as well as achieving cost synergies, to enhance value for stakeholders of both companies,” he added.
Inox currently has 38 operational properties, with 144 screens and a seating capacity of 40,140 in 25 cities across India. Fame has 25 operational multiplexes with 95 screens and a seating capacity of 26,487 in 12 cities. This combination enables Inox to control the largest multiplex screen capacity in country.
– IndiaRetailing Bureau
