Cineline India to focus on film exhibition biz expansion, says CEO

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Cineline India to focus on film exhibition biz expansion, says CEO - Business Standard

Quick Summary:

Kanakia said that the deal has resulted in debt reduction of Rs 120 crore pertaining to the hotel asset at the subsidiary level and the company also plans to utilise the sale proceeds to fully repay its outstanding debt of Rs 108 crore related to the film exhibition business, achieving a debt-free status.

City-based cinema chain Cineline India Ltd will focus on expanding its core film exhibition business after becoming net debt-free following the monetisation of its hotel asset in a Rs 270-crore deal, according to a top company official.

The company has entered into a deal with Sparsh Vidhyut to sell its hotel 'Hyatt Centric' in Goa for an enterprise value of Rs 270 crore, and it will use the proceeds to retire its entire debt, Cineline India CEO Ashish Kanakia said.