Adlabs Films, the Indian production, laboratories and hardtops group, has acquired fledgling multiplex operator Rave Cinemas.
Takeover gives Adlabs, which is part of the Anil Dhirubhai Ambani-controlled Reliance industrial conglom, presence in the wealthy Uttar Pradesh region, which counts for nearly a quarter of India's total B.O. Value of the deal was not disclosed.
Rave, a joint venture between Jagran and the Kothari groups, currently operates one plex in Kanpur, but has five more skedded to open in next four months.
“By the end of March 2008, we will have a presence in 70 cities, spread over all significant film territories that contribute over 80 per cent of the domestic box-office collections,” Chairman and Managing Director Adlabs Films Manmohan Shetty said.
Adlabs last week announced results for the financial year to March 2007 showing turnover up 166% at $85 million and net profit of $17.7 million.
Source : Variety