MAM
Cineline ditches the bed, makes a blockbuster move with hotel sale cash
MUMBAI: It’s lights out for Cineline India’s hospitality stint. The film exhibition player has checked out of the hotel biz, and it’s not leaving a tip. In a move that’s more box office than boardroom, the company sold off its Goa-based Hyatt Centric hotel—owned by its arm R&H Spaces Pvt Ltd—for a neat Rs 270 crore. Who bought it? A non-promoter outfit, Sparsh Vidyut Pvt Ltd. Why? To settle scores, crush debt, and go full throttle on movie screens.
Yes, Cineline is pulling a dramatic plot twist—moving from beds to blockbusters. And here’s the kicker: with this sale, the company has knocked off Rs 120 crore in debt tied to the hotel. But wait, there’s more.
They’re going for a full clean slate. Cineline will use the remaining funds to pay off Rs 108 crore of debt from its film exhibition business. Translation: zero debt. That’s not just financial discipline—it’s a full financial detox.
The icing on this celluloid cake? The cash left over is going straight into its first love—cinema. And the ambitions are nothing short of a megahit. Since relaunching the Moviemax brand in April 2022, the company already boasts 77 operational screens and has deals tied up for 82 more.
Over the past two years, Cineline has been on a selling spree—unloading real estate worth Rs 351 crore, including the Rs 270 crore hotel sale, a Rs 60 crore mall in Nagpur, and two Mumbai commercial spaces for around Rs 21 crore. All roads lead to the box office.
So what’s next for this reinvigorated, popcorn-powered outfit?
Let’s talk strategy. The company’s rolling out a three-part script for growth:
. Cash is king: With Rs 22 crore annually saved from no more debt servicing, Cineline plans to pump this into screen expansion. It’s also keeping eight cinema properties in its back pocket for future monetisation.
. Capital-light chic: Cineline aims to keep capex lean by partnering with developers for new screen infrastructure.
. Share and flair: Future expansions will mostly follow a revenue-share model. Less rent, more freedom.
CEO Ashish Kanakia didn’t mince words, “We have successfully completed the sale of our hotel asset for an enterprise valuation of Rs 270 Crores, allowing us to fully concentrate on expanding our core film exhibition business. This move will accelerate growth and help expand our market presence through addition of new screens.”
He added that being debt-free will boost cash flow and allow Cineline to capitalise on the expected box office bounce-back. Cineline has left the hospitality lobby and entered the cinema hall, popcorn in hand and eyes on the marquee.
So, is this India’s smartest pivot from rooms to reels? Time—and ticket sales—will tell.
Brands
Axis Bank named Official Banking Partner of DP World PGTI
Partnership supports all tournaments this season to grow professional golf in India.
MUMBAI: Axis Bank just teed up a hole-in-one partnership because when a bank sponsors golf’s biggest swing in India, even the fairways feel more financially secure. Axis Bank has been appointed Official Banking Partner of the DP World Professional Golf Tour of India (DP World PGTI), strengthening its commitment to sporting excellence and community engagement while backing the growth of professional golf across the country.
Under the partnership, Axis Bank will support all DP World PGTI tournaments this season, contributing to talent development, enhanced tournament experiences and wider fan engagement. The collaboration aligns the bank’s values of precision, discipline and trust with the Tour’s focus on performance and opportunity.
Axis Bank executive director Munish Sharda said, “We are pleased to partner with DP World PGTI as its Official Banking Partner. Golf embodies precision, discipline, and a pursuit of excellence qualities that strongly reflect who we are at Axis Bank. This association also strengthens our engagement with India’s growing premium customer segments, where the sport has a deep and enduring connect.”
Professional Golf Tour of India president Kapil Dev said, “We are extremely pleased to welcome Axis Bank as a Tour Partner of the DP World Professional Golf Tour of India. Partnerships of this stature play a vital role in strengthening the foundation of the Tour, enhancing opportunities for our players, and expanding the sport’s reach across the country.”
Professional Golf Tour of India CEO Amandeep Johl added, “Axis Bank’s strong legacy of excellence, innovation, and nationwide reach aligns perfectly with DP World PGTI’s goal to elevate professional golf in India and provide greater opportunities for our players.”
In a sport where every stroke counts and every partnership drives distance, Axis Bank isn’t just backing golfers, it’s investing in the fairway to future, turning India’s greens into a stage where precision meets passion and every drive has the power to inspire.
