The Economic Times: July, 2014
New Delhi: As a part of its expansion drive Carnival Group on Thursday said it has recently acquired HDIL's multiplex chain Broadway Cinema for around Rs 110 crore.
Both firms have been in talks with each other for a few months and the deal concluded on July 2, 2014, said a statement.
Carnival Cinemas (a division of Carnival Group) says its Mumbai acquisition is in sync with of "Vision 300" under which it will launch 300 screens across India by end this financial year.
While Carnival has a strong hold in Kerala and other southern states; it has lined up a new investment plan to become a major player in the multiplex business.
"Our journey began from Kerala but this step of acquiring HDIL's Broadway Cinema is a one more step towards achieving our aim of Vision 300.
With the integration of Broadway, we plan to boost and draw audiences to cinemas keeping in mind the Carnival experience all across," said Shrikant Bhasi, Chairman, Carnival Group.
Carnival Group is a Mumbai-based corporate with diversified business in hospitality, media and entertainment sector.
Carnival is also in the business of movie production, distribution and exhibition along with food courts, events, equipment rentals as well as a music label.
Carnival is currently present in Kerala, Karnataka, Tamil Nadu, Maharashtra, Madhya Pradesh, Uttar Pradesh and West Bengal.