Shringar Cinemas Ltd has announced its plans to foray into the food court business through a 100 per cent owned subsidiary, Oxford Multiplex Cinemas Pvt Ltd. The food courts will operate under the brand name of ‘Via 1 Food Street’.
The company will be formally launching food courts in two of Shringar’s upcoming properties at Chandigarh and Surat. Over the next couple of months, MoUs for opening four more food courts will be signed. Initially, the company plans to introduce the food courts only in Fame multiplexes, but at a later stage would explore other opportunities as well.
Oxford Multiplex has also appointed Rishi Negi as CEO. Negi has 12 years’ experience in setting up and managing fine, casual and quick dining restaurants. He has earlier worked with the Taj Hotels Resorts and Palaces and as the Chief Operating Officer of Pizzeria Restaurants, which operates the Pizza Hut brand in Maharashtra and Tamil Nadu.
Commenting on the development, Shravan Shroff, Managing Director, Shringar Cinemas, said, “As part of our de-risking strategy, we have launched the food court business, which, apart from arresting the revenue volatility of the film exhibition business, will also maximise return on investments.”
Describing the company’s growth plans, Negi said, “We are extremely delighted to announce our foray into the food courts business. There is a tremendous synergy between food and entertainment, and Oxford Multiplex plans to capitalise on it. India is truly on a threshold of a new economic surge, and the average Indian is not hesitant to explore the good life. Evidence of this is the number of entertainment centers and multiplexes sprouting up all over the country. Food courts will provide that vital link in the value chain. We, therefore, believe there is huge growth potential for our food courts venture.”