Chennai-based Pyramid Saimira Group has signed a Memorandum of Understanding (MoU) with the China Society Music Research Board, which is under the Ministry of Culture of the People’s Republic of China, to form the Jiangsu Pyramid Longzhe Group. The newly-formed entity will operate theatres, distribute films and engage in other entertainment, arts and cultural activities in China.
Commenting on the development, PS Saminathan, Managing Director, Pyramid Saimira Group, 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. This entry will strengthen the growing exhibition and content business of our Group and will, in a very short time, make us the largest exhibitor in the world.”
Venkatakrishnan, COO, Jiangsu Pyramid Longzhe Group, said, “We are extremely happy to partner with the China Society Music Research Board to bring in international entertainment content into China. We already have an established track record in operating multiplexes and stand-alone theatres in India, the US, Singapore and Malaysia. We are confident that we will now be able to leverage and extrapolate our expertise in the larger market of China.”
Commenting on the cultural cooperation agreement, Luo Shi Zheng, Assistant Secretary-General, The Association of Social Music Research in China, said, “China is actively pursuing strong cultural ties and would like to strengthen Sino-Indian people to people cultural exchange and cooperation.”