Pyramid Saimira to invest Rs. 400 crore this fiscal
Chennai-based Pyramid Saimira Group, the world's fastest growing entertainment conglomerate has signed a Memorandum of Understanding with the China Society Music Research Board, which is under the Ministry of Culture of the People's Republic of China. The Jiangsu Pyramid Longzhe Group has been formed as a follow up of this MoU. As per the details of the Joint Venture, the Jiangsu Pyramid Longzhe Group will operate theatres, distribute films and engage in other entertainment, arts and cultural activities in China. The new entity plans to launch one screen per day in Mainland China and further generate non-box office revenues also.
Speaking about the MoU and the newly formed venture, Mr. P S Saminathan, Managing Director, Pyramid Saimira Group, said, "It is a proud moment for the Pyramid Saimira Group to become the first Indian entertainment company to foray into China. This is a landmark deal for us, given that the entertainment sector in China is highly regulated. We see great potential for the entertainment sector in China as there is a significant increase in the disposable incomes of the entire population, as well as the willingness of new generation to avail multi faceted entertainment product & services."
Further speaking about the newly formed venture, Mr. Saminathan added, "We are looking to invest close to Rs. 400 crore in the Jiangsu Pyramid Longzhe Group in the first year of operation itself which will be deployed in exhibition / distribution / television content / music and production infrastructure seeding. Through this venture, we will create a huge theatre chain network / food courts / gaming parlours and offer other entertainment services. We will bring international content to China and will also showcase and market local Chinese content across the world. This entry will strengthen the growing exhibition & content business of our group and will, in a very short time, make us the largest exhibitor in the world. "
Mr. Venkatakrishnan, COO, Jiangsu Pyramid Longzhe Group, said "We are extremely happy to partner with the China Society Music Research Board to bring in international entertainment content into China. We already have an established track record in operating multiplexes and stand-alone theatres in India, USA, Singapore and Malaysia. We are confident that we will now be able to leverage and extrapolate our expertise in the larger market of China."
Commenting about the cultural cooperation agreement Mr Luo Shi Zheng Assitant- Secretary General Assistant, The Association of Social Music Research in China (ASMRC) said "China is actively pursuing strong cultural ties and would like to strengthen Sino - India people to people cultural exchange & cooperation. Ultimately cultural communication will play a significant role in helping china and India to work together. We are extremely happy to partner with Pyramid Saimira Group in this endeavour."
Expressing her happiness about the formation of the new venture with Pyramid Saimira, Ms. Li, Chairperson, Longzhe Group, said "Relations between China and India have undergone a sea change in the last few years. Pyramid Saimira is one of the fastest growing companies in the world today and we are extremely happy to partner with them to grow and nurture the entertainment sector in China."