Pyramid Saimira signs MoU with Chinese

Chennai, Apr 19 (UNI) Leading entertainment conglomerate 'Pyramid Saimira Theatre' has signed a Memorandum of Understanding (MoU) with the 'China Society Music Research Board,' Ministry of Culture of the People's Republic of China, to exchange and promote entertainment activities between the two countries.

Talking to newspersons here today, Pyramid Saimira group Managing Director P S Saminathan said as per the details of the Joint Venture (JV), the Jiangsu Pyramid Longhze Group would operate theatres, distribute films and engage in other entertainment, arts and cultural activities in China.

''The new entity plans to launch one screen per day in mainland China and further generate non-box office revenues also'', he added.

Explaining about the new venture, Mr Saminathan said ''we are looking to invest close to Rs 400 crore in the Jiangsu Pyramid Longzhe Group in the first year of operation itself which will be deployed in exhibition, distribution, television content, music and production infrastructure seeding''.

''Through this venture we will create a huge theatre chain network, food courts, gaming parlours and offer other entertainment services'', he said adding ''we will bring international content to China and will also showcase and market local Chinese content acorss the world.'' He said ''apart from this, the newly formed company would also promote and exchange Indian and Chinese channels through DTH system between both the countries.'' Mr Saminathan claimed that this entry would strengthen the growing exhibition and content business of Saimira group in a very short time, making the company the largest exhibitor in the world.

Commenting about the cultural cooperation agreement, Assistant Secretary, the Association of Social Music Research in China (ASMRC) said ''China is actively pursuing strong cultural ties and would like to strengthen Sino - India people to people cultural exchange and cooperation. Ultimately cultural communcation will play a significant role in helping China and India to work together.'' UNI SNR DS RC BST1545