Inox acquires Calcutta Cinema

Kolkata, Jun 25 : Inox Leisure Ltd has acquired Calcutta Cinema Private Ltd (CCPL), which runs multiplexes under the 89 Cinemas brand.

The share swap deal will enable CCPL to merge its operations with Inox.

''89 cinemas is an emerging multiplex chain. The merger will help Inox build foothold in the eastern region,'' Inox Leisure Ltd director Deepak Asher said.

CCPL operates a four-screen multiplex at Swabhumi Complex. It has plans to start a three-screen multiplex in Durgapur.

CCPL has also tied up with properties for building and operating six other multiplexes in West Bengal and Assam.

The merger will take Inox's tally of multiplexes in West Bengal and Assam to 13.

The merger is subject to due diligence and final approval of shareholders, creditors and High Court.

Enam Financial Consultants Pvt Ltd are the advisors to the transaction.

UNI