SMIL

Bangalore, Mar 12 (UNI) Shriram Mall Infrastructure Pvt. Ltd.(SMIL) a part of Rs 25,000 Crore, Shriram Group, today signed a Memorandum of Understanding (MoU) with Pyramid Saimira Theater Ltd. to set up Multiplexes and Malls in India.

Under the MoU it was proposed to set up 100 Multiplexes and Malls especially in South India in the next three years with an investment of over Rs 5000 crore.

Shriram Properties Managing Director Murali and Pyramid Saimira Managing Director P S Saminathan announced that the first of-its-kind strategic alliance to jointly develop current theaters, which are in prime locations but are in "improvable" state of affairs.

In the joint venture, Shriram Mall Infrastructure would be holding 70 per cent while Pyramid Saimira will hold 30 per cent, according a release here.

SMIL is a wholly owned subsidiary of Shriram Properties, part of the Shriram Group. SMIL, would be setting large retail formats in Chennai, Bangalore, Hyderabad, Kolkatta, Coimbatore, Mangalore, Mysore.

UNI