Entertainment major, Pyramid Saimira Theatre Limited (PSTL), through its Chinese joint venture (JV), has launched its first cineplex in China, called the Huainan Pyramid Longzhe Theatre Entertainment Tower. It is a two-screen multiplex, with a total seating capacity of 290 people.
Pyramid and Longzhe Culture and Theatre Limited China (PLCTL), the newly formed JV between PSTL and Longzhe group, plans to invest around Rs 150 crore in the next six months for further expansion projects in China, PSTL has informed the BSE. The JV is supported by the China Society of Music Research Board (CSMRB).
According to PLCTL, Huainan Pyramid Longzhe Theatre Entertainment Tower, is one in a series of six more entertainment towers which would be launched by PLCTL by December this year. Next in line for PLCTL is Liyang Pyramid Longzhe theatre entertainment tower in Liyang, which is spread over 3,500 square feet. This Cineplex, which consists of 4 screens, would be ready by November 2008.
Holistic entertainment conglomerate PSTL operates in six countries. The areas in which the company is present includes film exhibition, distribution, film production, TV content production, advertisement, gaming and animation, media, food and beverages and realty.
In the exhibition sector, PSTL has over 55 multiplexes, with approximately 875 screens across India, Malaysia, Singapore and North America. By 2010, the group plans to operate 2,000 screens in India alone.