DLF plans expansion of multiplex biz

NEW DELHI: Banking on the growing multiplex culture in metros, real estate major DLF is planning to set up 35-40 new movie screens across the country over the next two years, entailing an investment of about Rs 160 crore.

"We are going to add 35-40 screens at various locations across the country over the next two years. The company invests in a range of Rs 3-5 crore on each screen," DLF Ltd Executive Director Ajay Khanna told reporters on the sidelines of a retail conference.

The company operates multiplexes under the DT Cinema brand. DT Cinema presently operates two multiplexes in Gurgaon.

Khanna said in the current fiscal DT Cinemas would add multiplexes at Shalimar Bagh, Saket, Vasant Kunj, in Delhi and Gurgaon.

Speaking about the expansion of the company's shopping malls, Khanna said DLF's four new malls will come up at three major towns in the country.

DLF would open one mall each in Vasant Kunj, Delhi and Jalandhar while two new malls would come up in Mumbai by the end of this financial year.

"We have invested nearly Rs 1,000 crore on the Vasant Kunj mall," he said.

Commenting on the company's insurance business, Khanna said: "DLF is looking to venture into insurance pretty seriously."

The company recently tied up with the US-based Prudential to form a life insurance company in India. Insurance market here raises 24 billion dollars annually in premiums.