Deal creates country's second biggest loop
Indian multiplex chain Inox Leisure has acquired a 43% stake in rival Fame Multiplexes for Rupees 664.8 million ($14.5 million), the companies said Wednesday.
The acquisition creates India’s second largest cinema loop with a combined strength of 55 multiplexes, 204 screens and 57,891 seats. Reliance MediaWorks leads the Indian market with 246 screens.
The purchase, which was funded through a loan from Inox’s parent Gujarat Fluorochemicals, will be followed by an offer to acquire a further 20% stake in Fame.