Adlabs Films inks into agreement with Rave Entertainment

New Delhi, May 02 (UNI) Adlabs Films Ltd, Anil Dhirubhai Ambani Group controlled company, has entered into an agreement with Rave Entertainment to acquire the rights to conduct cinema exhibition business at one operational multiplex in Kanpur.

The project also includes six more businesses in the National Capital Region (NCR), Uttar Pradesh (UP), Punjab and Haryana, totalling 23 screens.

''Rave's properties are well managed and the projects under implementation are in carefully chosen strategic locations.

Coupled with our own aggressive growth path, we are well on our way to becoming the market leader by July 2007,'' Adlabs Films Ltd Chairman and Managing Director Manmohan Shetty said.

This acquisition will increase Adlabs' multiplex presence by five properties (17 screens) within the next four months, he said.

By end of March 2008, the company would have a presence in 70 cities, spread over all significant film territories that contribute over 80 per cent to the domestic box-office collections, Mr Shetty said.

The licence will provide Adlabs quick access to the Delhi-UP territory, which contributes a sizeable 23 per cent to the all-India box-office, a statement said today.

Rave Entertainment Pvt Ltd (Rave) owns and operates the popular brand 'Rave Cinemas' in Kanpur.

UNI