UFO Moviez India Announces Major Expansion Plans

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Fri, 10/14/2011 - 20:00 -- Nick Dager

UFO Moviez India has announced major expansion plans in India of Scrabble Entertainment Limited in which UFO Moviez has recently acquired a controlling stake. The company will fund the $150 million international roll out plans with international debt and further equity infusion. Kapil Agarwal joint managing director UFO Moviez says The UFO-Scrabble combine is the only alliance in the world that offers non DCI satellite based digital cinema solutions as well as DCI-compliant solutions with virtual print fee deals to the global and Indian film industry. By acquiring majority stake in Scrabble UFO Moviez has reiterated its commitment to ensuring that the Indian film industry ecosystem benefits from the resulting cost-efficiency and increased reach of content by taking Hollywood content to cinema lovers across Bharat and beyond its metros. We shall ensure that this Indian combine started by first generation entrepreneurs now goes global. Ranjit Thakur CEO Scrabble Entertainment says Scrabble is happy to partner with UFO Moviez an organization that has changed the landscape of the film industry in India by offering innovative technology solutions for its betterment and growth. We look forward to ensuring that more and more audiences across India can now enjoy high quality films on a digital platform. UFO Moviez India recently acquired a majority stake of 52 percent in Scrabble Entertainment. Dr. Sunil Patil and Thakur presently own 27 percent stake and the balance equity is held by Walkwater Media which is owned by Manmohan Shetty. Scrabble Entertainment a Mumbai based first generation company founded by Patil and Thakur is the only aggregator in India which has VPF rights from Hollywood studios for providing DCI-compliant theatres. In terms of the domestic market the UFO-Scrabble combine will now increase the number of DCI compliant cinemas from 300 (that Scrabble has presently installed in around 30 major cities since its inception in 2007) to 800 (single screens as well as multiplexes) within six months. This will ensure that cinema viewers in Tier 2 and Tier 3 cities in India will now get a chance to watch Hollywood content because the six Hollywood studios only give content to DCI compliant platforms. Scrabble Entertainment www.scrabbleentertainment.com UFO Moviez India www.ufomoviez.com