Pyramid Saimira to set up 100 malls in 3 yrs

New Delhi, Mar 12 (UNI) Pyramid Saimira Theatre Ltd today said it will set up 100 malls-cum-multiplexes with realty firm Shriram Mall Infrastructure Pvt Ltd in south India.

The company will form a Special Purpose Vehicle (SPV) under the agreement, of which Shriram Mall Infrastructure will hold 70 per cent of the equity.

The strategy will involve acquiring old theatres and converting them into modern multiplexes and retail spaces.

The total area of the proposed project will be about 20 million sq ft and the construction will be in the next 36 months, a statement said.

UNI