MUMBAI: Pyramid Saimira Theatre Ltd (PSTL) has signed a memorandum of cultural co-operation with China Society of Music Research Board (CSMRB), ministry of culture, government of People's Republic of China.

Under this agreement, PSTL will bring cultural specialists in the field of arts, film, TV, music and dance. CSMRB will also offer policy guidelines and business consultations for PSTL's foray in China's cultural industry.

Further to the agreement, a new JV company Jiangsu Pyramid Longzhe Group, supported and approved by CSMRB, has been formed to operate theatres and distribute films, and engage in other entertainment, arts and cultural activities in China.

PSTL MD PS Saminathan said, "It is a matter of great pride for our company to sign the agreement with CSMRB. It is a great honour to the Pyramid Saimira Group to get entry into China's highly regulated growing culture and entertainment industry. Pyramid Saimira always believed in faster growth and expanding in uncharted territories. China has great entertainment potential given the growing affordability of the entire population and the willingness of new generation to avail multi-faceted entertainment product and services. We will create a huge theatre chain network, food courts, gaming parlours and offer other entertainment services. We will also bring international content to China, and will also showcase and market local Chinese content across the world. This entry will strengthen the growing exhibition and content business of our group and will in a very short time make us the largest exhibitor in the world."