Carnival Cinemas buys out HDIL’s Broadway
Mumbai, July 3, 2014: Carnival Group recently bought over HDIL’s multiplex chain Broadway Cinemas for around INR 110 Cr. Both the firms have been in talks with each other for a few months and the deal concluded on July 2, 2014.
Carnival Cinemas (A division of Carnival Group) gears up to spread their wings in Mumbai by acquiring HDIL’s Broadway Cinemas to accomplish “Vision 300”, which is launching of 300 screens across India by end of this financial year. After having a strong hold in Kerala and other southern states , now Carnival Cinemas aims to give diverse movie watching experience by laying more emphasis on providing quality entertainment experience to citizens all across. With this acquisition Carnival Cinemas has a plans to become the big player in multiplex business segment with an investment plans in the coming years.
Speaking about this acquisition Chairman of Carnival Group, Mr. Shrikant Bhasi said, “Our journey began from Kerala but this step of acquiring HDIL’s Broadway Cinema is one more step towards achieving our aim of Vision 300(launching of 300 screens across India). With the integration of Broadway, we plan to boost and draw audiences to cinemas keeping in mind the Carnival experience all across.”