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Pyramid Saimira's new venture in China |
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Sunday, 20 April 2008 |
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Chennai-based Pyramid Saimira, the world's fastest growing entertainment conglomerate has signed a memorandum of understanding with the China Society Music Research Board, which is under the ministry of Culture of the People's Republic of China. The Jiangsu Pyramid Longshze Group will operate the 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.
Speaking about the MoU and the newly formed venture, Mr. V.P. Saminathan, Managing Director, Pyramid Saimira Group said, "It is a proud moment for Pyramid Saimira Group to become the first Indian Entertainment company to foray into China. This is a landmark deal for us, given that the entertainment sector in China is highly regulated. We see great potential for the entertainment sector in China as there is a significant increase in the disposable incomes of the entire population, as well as the willingness of new generation to avail multi faceted entertainment product and services".
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