Mumbai, Nov 14 (UNI) UFO Moviez, a pioneer in digital cinema business and world's largest networked digital cinema chain, was honoured with the 'Global Entrepolis@Singapore Award 2007' at Singapore yesterday.
According to a release issued here, Lee Hsien Loong, Honourable Prime Minister and Finance Minister of Republic of Singapore presented the award to UFO Moviez Vice Chairman Raaja Kanwar and 'UFO Moviez' Founder and Executive Director Sanjay Gaikwad.
The ''Global Entrepolis@Singapore Award'', honouring the technopreneur of the year in the Asia-Pacific region, is co-organised by the Wall Street Journal Asia in association with the Global Entrepolis@Singapore.
Amongst a record-breaking 265 entries from applicants in 16 countries and territories in the Asia-Pacific region this year, UFO Moviez was short-listed as one of the six finalists and was eventually honoured with the award.
Exhilarated with the honour Mr Kanwar said, ''In less than two years, 'UFO Moviez' has become the world's largest satellite-based digital cinema chain with over 1,000 theatres receiving all movies first day, first show. Very soon, UFO's footprint will cover South-East Asia including Singapore, UAE and Europe.'' Mr Gaikwad added, ''The challenge for us lay in introducing an untried and untested technology in India with no previous benchmarks. Not just the technology part of it, we even had to invent a new pay per show business model which was unheard of in the Indian context.'' The selection criteria for the GES Award includes demonstrating exploitation of technology in their business or products, having good potential to be a global leader/market leader and exhibiting growth in past years, 'UFO Moviez' is the digital cinema venture from the Apollo Group, a leading business house of India. It aims to reach a target of 2,000 theatres by 2008-09 and is the only company in the world to deliver MPEG-4 high definition content directly into cinema halls by means of a satellite. Since November 2005, 'UFO Moviez'has released 450 movies in 16 different languages aggregating to more than 530,000 screenings. 'UFO Moviez' has presence in 24 States and 590 cities of India.
Earlier this year in June, it was felicitated with the 'IIFA Innovation Award in Indian Cinema' at Yorkshire. 'UFO Moviez' is also one of the finalists for the 'Ernst and Young Entrepreneur of the Year Award 2007', the release added.