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Imax grows in India: 3 new screens raise outlook for big-picture Bollywood
Canadian Press
Tuesday, April 29, 2003
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TORONTO (CP) - A new sale of three big-screen theatres by Imax Corp. raises the prospect of large-format movies from the giant Indian film industry.
Imax said Tuesday that commercial real estate developer Aerens Developers & Engineers Ltd. plans to use the three theatres as anchor attractions in major retail and entertainment complexes.
The sale increases the number of Imax theatres to be operating in India to six by 2006.
"We are really excited about the direction that Imax has taken and look forward to exhibiting re-purposed Hollywood and potentially Bollywood films, as well as traditional Imax films," stated Rajesh Gupta, vice-chairman of Aerens.
Terms of the sale were not disclosed.
"India, with its long history of moviegoing culture, is an ideal market for Imax theatres," stated Richard Gelfond and Bradley Wechsler, who share the chair and CEO title at Toronto-based Imax (TSX:IMX).
There currently are two Imax theatres in India, in Mumbai and Ahmedabad, and another is scheduled to open by June in Hyderabad.
The Aerens plan includes a theatre in the capital, New Delhi.
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