MUMBAI: Fun Multiplex Pvt Ltd (FMPL), the Essel Group company that runs a chain of theatres under the Fun Cinemas brand, is in talks to raise around Rs 400 million from private equity investors to part-fund its expansion plans.
FMPL has an investment plan of Rs 750 million as it aims to launch nine multiplexes during the 12-month run ended 31 March 2011.
"We plan to raise around Rs 400 million and are in talks with private equity investors. We will be investing Rs 750 million in FY‘11 and adding nine multiplexes," says Fun Multiplex chief operating officer Vishal Kapur.
The new multiplexes will be in Kolkata, Bhopal, Kochi, Raipur, Bhatinda, Ranchi, Mangalore, Patiala and Chennai.
FMPL currently has 77 screens in 24 multiplexes. "We are going into those kinds of markets where we think our venture would be profitable. We are taking a cautious approach while continuing with our expansion," says Kapur.
