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INOX to acquire Calcutta Cinema
Indo-Asian News Service
Kolkata, June 25 (IANS) INOX Leisure Ltd, a leading multiplex chain in the country, is set to expand its presence in the eastern region with a deal to acquire Calcutta Cinema Pvt Ltd (CCPL) that runs the "89 Cinemas" chain of multiplexes.
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"'89 Cinemas' is an emerging multiplex chain in eastern India. The merger will help INOX build its foothold in the region," INOX Leisure director Deepak Asher said.
CCPL operates a four-screen multiplex at Swabhumi Complex in the city and plans to start a three-screen multiplex in Durgapur, about 170 km from here.
It has entered into tie-ups for building and operating six more multiplexes in West Bengal and Assam.
"The proposed merger with INOX - India's most profitable multiplex chain - will create tremendous value for CCPL shareholders and enable INOX to build a formidable presence in eastern India," CCPL CEO Debashis Ghosal said.
INOX has a nationwide presence with 11 operational multiplexes and a total of 41 screens in 10 cities - Mumbai, Pune, Vadodara, Goa, Jaipur, Kolkata, Bangalore, Indore, Darjeeling and Kota.
The merger is subject to due diligence and the final approval of shareholders, creditors and the Calcutta High Court. Enam Financial Consultants are the advisors to the transaction.
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