Winning Bizness Desk

Mumbai. One of the largest cinema chains in India, the Carnival Cinemas has more than 450 screens across the country. After the pandemic and shutdown, this cinema chain is now working on its debt restructuring and increasing the number of screens. For this, it has made a plan to raise equity, which has reached an advanced stage. The multiplex operator expects the debt restructuring to be closed within 60-90 days. Its formal announcement can be made soon.

Dr. Shrikant Bhasi is the owner

Carnival Cinemas is a 100% owned company by Dr. Shrikant Bhasi. He always wanted to increase the number of screens, but the corona pandemic and shutdown raised questions about the future growth of the cinema chain. However, Carnival Cinemas has performed well in the financial year 2019-2020 and things are looking promising in this financial year 2022-2023 as well. Carnival Cinemas hopes that it will now be able to pay all its dues.

Carnival's 1000 Screen Vision

YES BANK is the sole lender of Carnival Cinemas. To raise funds, Carnival Cinemas is working with Yes Bank. Yes Bank has started its process to take equity and enable Carnival Cinemas to move towards its vision of 1000 screens. When contacted, both Yes Bank and Carnival Cinemas declined to comment, but said "the cinema business in India will always do well".

Market leader in Tier 3 and Tier 4 cities

An official of Carnival Cinemas said on the condition of anonymity said,“We are the market leader in Tier III and Tier IV markets and the only mass cinema chain in India with the vision to open and operate a large number of screens. Carnival Cinemas is working on a plan to open 100 screens at the earliest, which the company had partially invested in before the coronavirus outbreak.