Nova Cinemaz Signs MoU With Y Screens
UFO Moviez’s asset-light franchisee venture, NOVA CINEMAZ recently signed a memorandum of understanding (MOU) with Y Screens Entertainment India to set-up over 225 cinema screens in Andhra Pradesh & Telangana by 2020. As part of the MOU, NOVA Cinemaz and Y Screens together will set-up ‘Y Screens Trade Development Centre’ (YSTDC), which would have 2 screen miniplex amongst other amenities. The miniplex’s in the YSTDC centers will be branded and operated as Y Screen Nova Cinemaz.
As part of MOU, Y Screens shall ensure that it facilitates and offers co-operation for establishment of NOVA Cinemaz in 15 YSTD Centers in the first 6 months and another 200 cinema screens over the period of three years. As per the MOU terms, Y Screens Entertainment shall make the necessary investment for setting up the theatre, while NOVA Cinemaz shall provide complete branding support and take care of programming of films at the theatre. NOVA shall also take care of deployment of the latest theatrical technologies and amenities which will ensure hi-end movie watching experience for the audience.
Commenting on the partnership, Mr. Vishnu Patel, CEO – Special Projects, UFO Moviez, said, “There is voracious appetite for quality movie-viewing experience in Andhra Pradesh & Telangana and we wanted to build on that. Associating with Y Screens Entertainment is a good move towards this direction. Through this association with we aim to bring great cinema experience for the movie lovers in South India”.
Commenting on the partnership, CMD Y Ratna Kumar Y Screens Entertainment said, “We are very pleased to have entered into this MOU with NOVA Cinemaz. They have deep and wide reaching ties within the Indian film industry and we look forward to building a mutually beneficial relationship.”
UFO Moviez intends to expand its franchisee network of NOVA Screens in Tier 3 and 4 cities, where there is a pressing need for good theatres. NOVA Cinemaz believes that luxury makes the movie-viewing experience more desirable. Comfortable seats, a spacious lobby and state-of –the –art technology, all packaged in a miniplex; makes it an unforgettable movie-viewing experience.
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