Anil Dhirubhai Ambani Group (ADAG) venture Adlabs Films Limited (AFL) has bought a closed cinema hall -– 'Dharam Cinema' -- of Rajkot for a price tag of Rs 7 crore, the group said on Wednesday.
With this purchase of closed cinema hall in Rajkot, which remained non-operational for four years, the ADAG group has marked its presence across the vertical and horizontal entertainment landscape of the Saurashtra-Kutch region after its presence at Jamnagar and Gandhidham, Saurashtra-Kutch region with their spending power, he added.
Company plans a retail venture on the ground floor of this property and three screen multiplex on its upper floor.
The purchase of the Rajkot-based cinema hall is the third such addition to the ADAG-AFL venture in the entertainment space of Saurashtra after the group bought one such multiplex — Mehul Cinemax in Jamnagar, owned by cinema director and producer Mehul Kumar and another multiplex —Madhuban 3 Go of Gandhidham.
ADAG and AFL have envisaged the blueprint of establishing a chain of 55 screens across 13 multiplexes in the country this fiscal and Dharam cinema hall's purchase is part of the same agenda, said an eminent figure from the entertainment sector of Rajkot.
Dharam cinema is a prime property sprawling over 2,200 square yards and is located in the heart of Rajkot. The company plans to open two retail outlets in the ground floor and three multiplex screens in the purchased property at Rajkot.
ADAG-AFL venture purchases prime properties for their entertainment venture and a few too, which includes Rajkot deal too.Yet no clear-cut format of operating the Rajkot-based project has been chalked out by the company, as the Jamnagar's Mehul Cinemax property purchased by the company runs on a partnership model and Gandhidham's Madhuban 3 Go property is a leased property.
Source from ADAG-AFL venture also speculated that the property purchased at Rajkot will serve as the platform for the FM venture of the company The Big 92.7 FM, for which Rajkot has also been short-listed and requires manpower has also been recruited for the said project, as the company plans to strategically strengthen its presence in the FM Radio space of the nation by plugging its FM circuit on IP (Internet Protocol) Network across the 45 cities of country.
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Brip
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