Pyramid Saimira acquires Texas-based FunAsia

Chennai, Oct 31 (UNI) Announcing its overseas expansion plans, Pyramid Saimira Theatre Limited (PSTL), India's largest theater chain company, has acquired Texas-based FunAsia and is planning to set up 60 screens in US and Canada by the end of this fiscal.

PSTL Managing Director P S Saminathan, Chairman V Natarajan and Director N Narayanan told reporters here today that FunAsia complexes include a total of 17 screens .

PSTL's subsidiary Pyramid Saimira Entertainment America would be based out of Texas and would expand it by having a total of 60 screens in US and Canada to target the Asian market.

It had also acquired an existing theater and radio drive-time hours in Chicago and radio time in Houston, taking the total number of screens udner Pyramid Saimira banner to 703 globally.

Mr Saminathan said the PSTL would venture into the high margin Food and Beverage business to boost its bottomline and was planning to have a one billion dollar turnover from this vertical by 2010.

The PSTL, which was planning to have ten food courts across the country by this fiscal, was tagetting a Rs 250 crore business from its food and beverage section from its theatres.

Next fiscal the company was targetting Rs 500 crore business, he added.

UNI