Pyramid Saimira and Shriram group to form SPV for 100 Malls-cum-Multiplexes

Pyramid Saimira Theatre Ltd has announced about the formation of "Special Purpose Vehicale with Shriram for 100 Malls-cum-Multiplexes".

The Details are as under:

- Shriram Mall Infrastructure Pvt Ltd and the Company form a SPV for Construction of 100 Malls-cum-Multiplexes to be built across south India.

- The Total constructed sq.ft will be approximately 20 million sq.ft in the next 36 months.

- Shriram shall hold 70% of the equity of this SPV and the Company to hold 30% of the equity.

- The strategy is to convert the First Mover Advantage Company has in South India and acquire old theatres and convert them into modern Multiplexes and retail spaces.

- Shiram Properties Ltd, part of Shriram Group has a dominant presence in South India with delivered built up space of over 4.5 million sq.ft. and has under implementation of about 19 million sq.ft. and another 65 million on the anvil, including over 5.30 million sq.ft. in association with Sun Apollo at Chennai and 25 million at Kolkatta.

- Shriram Group activities span from Truck Financing (largest in the Country with assets put out of over US $ 2b) to Chit Funds (again the largest with turnover of nearly US $ 1b), Engineering, Insurance, IT and a host of other businesses including Property Development.

Source : Equity Bulls

Keywords