Mumbai, Mar 14 (UNI) Shringar Cinemas limited today announced that it will foray into the Food Court business through a 100 per cent owned subsidiary Oxford Multiplex Cinemas Private Limited.
The food courts will operate under the brand name of 'Via 1 Food Street'.
The company will formally launch food courts in two of Shringar's upcoming properties at Chandigarh and Surat. Over the next couple of months, Memorandum of Understandings (MOUs) for opening four more food courts will be signed.
Initially, the company plans to introduce the food courts only in Fame Multiplexes, but on a later stage would explore other opportunities as well.
Commenting on the development, Shringar Cinemas Managing Director Shravan Shroff said, ''As part of our de-risking strategy we have launched the Food Court business, which apart from arresting the revenue volatility of the film exhibition business will also maximize returns on investments.'' Oxford Multiplex Cinemas Private Limited Chief Executive Officer (CEO) Rishi Negi describing the company's growth plans and his challenging assignment, said, ''We are extremely delighted to announce our foray into the food courts business. There is a tremendous synergy between food and entertainment, and Oxford Multiplex plans to capitalize on it.'' UNI LS KU AW1623