Pyramid Saimira Group forays into China

New Delhi, Mar 19 (UNI) Pyramid Saimira Theatre Ltd (PSTL) today said it has entered into an agreement with the Chinese government for promoting cultural cooperation between India and China.

PSTL has signed a Memorandum of Cultural Cooperation with the China Society of Music Research (CSMRB), a part of China's Ministry of Culture by which CSMRB and PSTL will take many measures to promote cultural cooperation between India &China, a company statement said.

PSTL will bring cultural specialist in the field of arts, film, TV, music and dance, while CSMRB will also offer policy guidelines and business consultations for PSTL's foray in China's cultural industry.

PSTL has also signed a joint venture agreement with Longzhe Group to form 'Jiangsu Pyramid Longzhe Group', the statement added.

The JV will operate theatres/distribute films and engage in other entertainment/arts and cultural activities in China.

''China has great entertainment potential given the growing affordability of the entire population and the willingness of new generation to avail multi-faceted entertainment product and services,'' said Group Chairman P S Saminathan said.

We will create a huge theatre chain network/food courts/gaming parlors and offer other entertainment services. We will also bring international content to China and will also showcase and market local Chinese content across the world, he added.

This entry will strengthen the growing exhibition and content business of the Group and will in a very short time make us the largest exhibitor in the world, Mr Saminathan said.

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