4:05 am - Tuesday October 24, 2017

Inox to acquire Satyam Cineplexes for Rs.182-cr

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Multiplex operator Inox Leisure, on Wednesday, said it would acquire Gurgaon-based rival Satyam Cineplexes in a Rs.182-crore deal, which would strengthen its presence in North India.

The Mumbai-based exhibitor will acquire 100 per cent equity share capital of Satyam from its promoters, Inox said in a statement.

The company’s board at its meeting held on Wednesday “approved the acquisition of 100 per cent equity shares of Satyam Cineplexes for a total consideration of Rs.182 crore”, Inox said in a filing to the BSE.

Post acquisition, Inox would be present in 50 cities with 91 multiplexes and 358 screens, it added.

“The proposed acquisition of one of the industry’s prime assets is a part of Inox’s strategy to expand its footprint across the country and gives INOX a significant foothold in the North Indian region,” the company said. This is the third acquisition of Inox in last seven years.

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