Brands
INOX makes third acquisition in a decade as it takes over Satyam chain of multiplexes
NEW DELHI: The total number of screens under the INOX umbrella has gone up to 514 screens in 127 properties in 64 cities after the acquisition of Satyam Cineplex for Rs 182 crore.
INOX Leisure executed the transaction documents for acquisition of the New Delhi headquartered Satyam chain by way of acquiring 100 per cent equity share capital of Satyam from its existing shareholders, subject to closing.
The proposed acquisition of one of the industry’s prime assets is a part of INOX’s strategy to expand its footprint across the country and gives INOX a significant foothold in the north Indian region.
This marks the third acquisition for INOX in less than a decade. “Earlier, the company acquired Calcutta Cine in 2007, which triggered the consolidation phase in the multiplex industry. This was followed by the acquisition of Fame India in 2010,” INOX CEO Alok Tandon told indiantelevision.com.
“The current acquisition would add 38 screens to INOX’s property,” he said.
As INOX would be paying Rs 182 crore towards acquisition of these properties, the valuation of each screen works out to Rs 4.79 crore.
He strongly denied charges that all multiplexes are highly priced, thus making them inaccessible to the average cinegoer. He said his group adopted what he called ‘flexi-pricing’ which allowed them to fix different rates for different days. Thus, the weekend may be expensive, but the price of the ticket on week-days starts from as low as Rs 55.
Asked about creating a buzz about the new acquisitions, he said apart from press meets, print and social media would also be used to publicise the new takeover.
Earlier, Tandon said at a press meet, “We are looking forward to make this integration work positively for our stakeholders, INOX and Satyam employees as well as our guests. We look forward to a smooth merger of best practices of both the companies. We are excited and ready to bring in the best movie viewing experience to our guests in these multiplexes,” he added.
INOX group director Deepak Asher said, “It has been our strategy to expand our multiplex business both organically and inorganically over the years. With this acquisition, we will strengthen our position further in the Industry as well as in the country, especially north India.”
Sounding optimistic about the current acquisition, he went on to add, “Over the next few months, we will evaluate the full benefits of integration and consolidation, to drive competitive advantage across the value chain, and consider our strategic options in accordance with regulatory guidelines.”
Satyam MD Deven Chachra said, “We have painstakingly built this business, and while it is hard to see that one has built with one’s own hands go, I have confidence and faith that INOX will nurture it and take it to greater heights.”
Grant Thornton Advisory acted as sole financial advisors and Khaitan & Co acted as legal advisors to INOX Leisure. BMR Advisors acted as sole financial advisors and Luthra & Luthra Law Offices acted as legal advisors to the shareholders of Satyam Cineplexes.
Brands
Uber launches hotel bookings feature in partnership with Expedia
From hotel bookings to room service at your door, the ride-hailing giant is making its boldest push yet into everyday life
CALIFORNIA: Uber is done being just a taxi app. At its annual GO-GET product event, the world’s leading mobility and delivery platform unveiled a sweeping set of new features designed to plant itself at the centre of how people travel, eat and shop, hotel bookings included.
The headline move is a partnership with Expedia Group that lets Uber users in the United States book hotels directly within the Uber app, with access to a catalogue that will eventually grow to more than 700,000 properties worldwide. Uber One members get 10 per cent back in Uber One credits on all hotel bookings and savings of at least 20 per cent on a rolling list of more than 10,000 hotels globally. Vacation rentals from Vrbo, Expedia Group’s home-rental brand, will be added later this year. The partnership is expected to expand beyond the United States. From June, Uber rides will also be integrated directly into the Expedia app, with push notifications sent to travellers ahead of hotel check-in to book discounted Uber rides for the duration of their stay.
Dara Khosrowshahi, chief executive of Uber, framed the expansion in terms of the modern condition. “Uber is becoming an app for everything, helping people go, get, and now travel all in one place,” he said. “We’re all living through a moment of real cognitive overload: too many apps, too many decisions, too much noise. At the end of the day, our job is to help people reclaim their time, spending less of it managing the logistics of life and more of it actually living.”
Ariane Gorin, chief executive of Expedia Group, struck a similarly ambitious note. “Travel should feel effortless, and this partnership gets us one step closer to offering a seamless traveller experience,” she said. “By connecting our two-sided marketplace with Uber, we’re bringing Uber rides directly into the Expedia app and Expedia Group’s lodging inventory into the Uber app through our Rapid API technology. Together, we’re helping travellers spend less time planning and more time enjoying the journey.”
Beyond hotels, the product announcements come thick and fast. Travel Mode, available within both the Uber and Uber Eats apps, offers curated recommendations on local favourites, tourist destinations, OpenTable restaurant reservations and on-demand delivery to hotel rooms. Uber One International means the membership programme now works globally, allowing members to earn credits on rides abroad that can be redeemed once back home. A new Shop for Me feature lets users request items from any store, even those not listed on the app. Eats for the Way allows riders in select cities booking an Uber Black or Uber Black SUV to have a drink or snack waiting for them in the car. Voice Bookings, powered by artificial intelligence, lets users book a ride conversationally, without touching their phone. And a redesigned One Search bar consolidates results for places, food and items across the entire Uber platform in a single query.
Uber has now logged more than 72 billion trips since it launched in 2010. The question it is now answering is what comes after the ride. The answer, apparently, is everything else. Whether users want a hotel in Paris, a coffee in the back of a car or a snake plant from the local garden centre, Uber would very much like to be the one to provide it. The app economy’s land grab has a new front-runner.
NOTE: The image used is AI generated and only for representational purposes.
