Indian exhib group Pyramid Saimira Theater has bought a chain of cinemas in Texas and unveiled plans for further expansion in North America.
Company has purchased Richardson, Texas-based FunAsia, which operates 17 screens at four locations in Irving, Richardson, Dallas and Houston that specialize in Indian movies. It also owns a radio station and three banquet halls.
Value of the investment was not disclosed, but Pyramid said the coin came directly from the parent company. Future expansion will be funded locally through Pyramid Saimira Entertainment America. Company says it will invest $75 million to take its U.S. screen count to 75 by the end of the financial year.
“We have also acquired an existing theater and radio drive-time hours in Chicago and radio time in Houston, taking the total number of screens under the Pyramid Saimira banner to 703 across the globe,” said group managing director P.S. Saminathan.
“We want to have a pan-American presence, tapping the Asian community with our theater, radio, magazine and food and beverages business,” Saminathan added.