By Jyothi Venkatesh
Carnival Cinemas, a late entry into the multiplex business that has shown aggression in acquiring other cinema chains, has now entered into a strategic partnership with MovieTime Cinemas. As part of this strategic alliance, Dr. Shrikant Bhasi, under the direction of Carnival Cinemas MovieTime Cinemas, will provide business services for the operation of their existing portfolio of 65 screens and other future screens as they go live.
With this strategic alliance, Carnival will contribute its expertise to use the synergies between the two exhibitor brands to strengthen their market position in the cinema exhibition sector. About the group’s growth strategy, Dr. Shrikant Bhasi, Chairman of the Carnival Group: “We are very excited to be working with MovieTime and exploring different ways of creating value for both companies. We’re also looking for synergies in other areas where we can both be active in areas like grocery. “
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Anil Kapoor, chairman of MovieTime Cinemas, said of the perfect synergy of working with Carnival Group, “We’re pretty confident that this combination will help us both increase each other’s operational efficiencies.”
MovieTime Cinemas currently operates in Maharashtra, New Delhi, Gujarat, Uttar Pradesh, Haryana, J&K, Uttarakhand, Karnataka, Punjab and Telangana under its own and leased models. Carnival Cinemas is currently present in 120 cities in 162 locations with over 450 screens. Carnival Cinemas has over 5 million viewers annually and a total seating capacity of over 1,50,000 seats. With this connection, Carnival will now manage the operation of over 525 screens across India!
Carnival Cinemas is accelerating to their * Vision 1,000 screens * over the next two years and this enlargement will further help them achieve a win-win situation for all partners involved.