Feb 11, 2010
Live Chat: Vatsal Sheth on February 11 at 1600 hrs IST
Mumbai theatres attacked; warned not to screen MNIK
INOX Leisure Ltd. acquires 43.28% stake in Fame India Ltd.
The Board of Directors of INOX Leisure Ltd. (INOX), promoted by Gujarat Fluorochemicals Ltd. (GFL), today announced that it has acquired 43.28% stake in the Shroff family promoted Fame India Ltd. (Fame), which owns the chain of Fame Multiplexes. The acquisition creates one of India's largest multiplex networks with a combined strength of 55 multiplexes, 204 screens, and a total seating capacity of 57,891 seats. Fame also has subsidiaries such as Big Picture Hospitality Services - its food business JV, Headstrong Films - its film production JV and Shringar Films, its film distribution business. In a block deal executed through the BSE today, INOX bought 43.28% stake owned by the promoter family of Fame, for an all-cash consideration of Rs. 66.48 crores. The transaction is entirely funded by INOX's promoter company, GFL as a shareholder loan. This acquisition shall be followed by an open offer to acquire a further 20% stake in Fame, for cash, as per SEBI regulations. Speaking on the occasion, Mr. Deepak Asher, Director - INOX Group of Companies said, "It has been our stated goal, when we launched our first multiplex around 8 years back, to be a significant player in the Indian multiplex space and redefine the movie going experience in India. This philosophy, of being a market leader, runs across all our businesses. Today, we are pleased to announce to our stakeholders, that we have translated this vision into reality - we have one of India's largest network of multiplex screens and have truly raised the bar in providing a world class cinema experience to our patrons." Mr. Shravan Shroff - Managing Director, Fame India Ltd. said, "I have always believed that a consolidated play would have a strategic advantage in the business and that led us to consider this association with INOX. Our decision was driven by our belief in INOX's professional management and strong shareholder focus, which we believe would translate into a value add for all Fame stakeholders. We are proud of having been associated in creating India's largest multiplex network, which we believe will offer an unparallel reach to film producers and consumers. INOX had previously acquired Calcutta Cine Pvt. Ltd. (CCPL) a Bengal Ambuja company. The acquisition, which kick started the consolidation phase in the multiplex industry gave INOX access to an additional 9 multiplexes in West Bengal and Assam. INOX currently has 30 operational properties, with 109 screens and a seating capacity of 31401 in 21 cities across India. Fame has 25 operational multiplexes with 95 screens and a seating capacity of 26487 in 12 cities.
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Akshay continues to do dangerous stunts, this time for Action Replayy
Vipul just can't stop gawking at the actor's recovery level. "Why just me? The entire cast including Aishwarya Rai Bachchan, Om Puri, Rajpal Yadav and others just can't believe Akshay's capacity to bounce back on his feet. Here we were thinking of doing away the cable stunts and somehow managing the climactic action without the planned aerial shots. But Akshay has been wired and suspended midair for almost a week now. Cable stunts are really tough on the back. But Akshay was super-confident on his return." Akshay was so kicked by the idea of starting afresh on his newly-repaired back that he even encouraged Kirron Kher to join him on the cables in Manori. Says Vipul, "A shot required her to join Akshay in the air. Kirronji was at first hesitant. But we ensured her it was fully safe to be suspended with cables. Akshay is so charged and enthusiastic, he will soon have the whole cast and crew on cables. We are shooting funny action sequences. But hanging midair from thousands of feet is as dangerous whether done for fun or otherwise." Akshay who sounded discernibly pained before his restorative trip to Germany is raring to go. "I'm back on my feet and doing action scenes for Vipul's film. The treatment worked fully and I have completely recovered." Apparently, Akshay has recommended the hydro-treatment to Sunny Deol who suffers a chronic back problem and has undergone to major surgeries to repair his back. For Akshay, surgery was never an option, even when his back had given way a decade back and he was laid up for six months.
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