Private equity firm 3i has invested $22 mn in UFO Moviez, a digital cinema chain. It has an option of investing another $3 mn later.
UFO Moviez plans to utilize the money to part finance its expansion plans. It intends to invest in hardware to expand its presence in India and overseas in markets like the Middle East, South-East Asia and Africa by January ’07. UFO plans to scale up its Indian operations from 600 to 2000 screens and plans to reach 3000 digital cinema houses worldwide by 2008.
This is the second investment by 3i in the media space, the earlier being in Nimbus Communications, which holds the BCCI global media rights till 2010. Apollo group’s Onkar Singh Kanwar owns 60% in UFO, while about 15% is held by the Singapore-based DG2L Technologies. The remaining stake is held by its CEO Sanjay Gaikwad.
Read the article in The Economic Times.
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