Dubai
Carnival Group, an Indian business conglomerate with operations in India, Singapore and the United Arab Emirates, has entered into a definitive agreement with Elan Group to acquire its 100 per cent stake in Novo Cinemas United Arab Emirates and Kingdom of Bahrain.
Novo Cinemas currently operates 104 screens with over 16,000 seats across 10 properties in the UAE and Bahrain, and has planned expansions of over 50 additional screens over the next few years.
Commenting on the transaction, Dr. Shrikant Bhasi, Chairman and Founder of Carnival Group said, “We are the fastest growing multiplex chain in India and Singapore and are strengthening our foothold globally. Our international expansion is a necessity for us at a cultural level.”
The transaction is subject to applicable regulatory and statutory approvals and customary closing conditions.
