INOX Leisure, the entertainment arm of the INOX group and a subsidiary of Gujarat Fluorochemicals, has purchased a 43% stake in Fame India from its promoters. The acquisition was structured through a block deal and will see INOX make an open offer to acquire a further 20% of the target in accordance with the Securities and Exchange Board of India’s takeover regulations. The size of the all-cash acquisition, including the open offer consideration, is pegged at approximately Rs970 million (US$21 million).
In addition to its chain of Fame multiplexes, Fame’s business interests include hospitality, film production and film distribution. The acquisition will make INOX India’s largest multiplex network, with 55 multiplexes, 204 screens and a total seating capacity of 57,891.
Deepak Asher, director of INOX Group, said: “It has been our stated goal … to be a significant player in the Indian multiplex space and redefine the movie-going experience in India. Today we are pleased to announce … that we have translated this vision into reality.”
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