Carnival Group buys out Broadway Cinemas, aims to target 300 screens

[Thakur]

NEW DELHI: HDIL’s multiplex chain Broadway Cinemas has been bought over by Carnival Group for around Rs 110 crore.Both the firms had been
in talks with each other for a few months and
the deal was concluded on 2 July.
Carnival Cinemas (A division of Carnival Group)
is gearing up to accomplish “Vision
300”, which is launching of 300 screens across
India by end of this financial year. After having
a strong hold in Kerala and other southern
states, Carnival Cinemas now aims to give
diverse movie watching experience by laying
more emphasis on providing quality
entertainment experience to citizens all across
the country.
With this acquisition, Carnival Cinemas has
plans to become a major player in multiplex
business segment with an investment plans in
the coming years.
Speaking about this acquisition Carnival Group
chairman Shrikant Bhasi said, “Our journey
began from Kerala but this step of acquiring
HDIL’s Broadway Cinema is one more step
towards achieving our aim of Vision 300
(launching of 300 screens across India). With
the integration of Broadway, we plan to boost
and draw audiences to cinemas keeping in
mind the Carnival experience all across.”