NEW YORK, April 5, 2016 /PRNewswire/ -- IMAX Corporation (IMAX) (NYSE (NYX): IMAX) and INOX Leisure Limited (INOX), one of the largest exhibition chains in India, announced an agreement for five IMAX® theatres. The theatres will be added to existing INOX multiplexes in the cities of Mumbai, Bangalore, Delhi and Kolkata. The agreement represents the largest theatre deal for IMAX in India and brings the total number of IMAX theatres in the country to 20, with nine currently open and 11 contracted to open.
"We've always said India is potentially a huge opportunity for us," said IMAX CEO, Richard L. Gelfond. "Now is the time to grow in this strategically important market and this deal serves as an important first step. We believe that INOX adding IMAX theatres to its most successful complexes - which are situated in top-tier cities - will help us expand our network in India at a more rapid pace."
"We have built our business on our commitment to create a premium customer experience and we view our partnership with IMAX as an extension of this strategy," said Alok Tandon, CEO, INOX Leisure Ltd. "By associating ourselves with the IMAX brand and offering our guests a completely immersive cinema experience, we will continue to strengthen our position. We are particularly excited about shaping the future of cinema in India through such initiatives."