The Kochi based film company, Carnival Films Pvt. Ltd., is set to acquire 3000 screens over the next three years in India and abroad. It currently owns 75 screens.
According to Carnival group’s Chairman Srikant Bhasi, the company is in talks to acquire over 175 screens from three separate multiplex operators in Andhra Pradesh, Punjab and Uttar Pradesh. Consulting firm KPMG is advising Carnival on the transactions.
Bhasi, a film producer himself and a bit player in Malayalam cinema, says his immediate goal is to have 300 screens. Carnival has the financial backing of Advantage Overseas Private Ltd. (AOPL), an international agri commodity trading company which clocked revenue of Rs 52,000 crore last financial year.
A single screen costs about Rs 2.2 crore to develop and acquisition is the easiest way to aggregate more screens in India. Internal accruals and debt together will probably help Carnival touch the 3000 screen mark.