Cineline India Shifts Focus to Film Exhibition Growth: CEO Ashish Kanakia

By siliconindia  |  Tuesday, 01 April 2025, 12:42:14 PM IST

Cineline India Shifts Focus to Film Exhibition Growth: CEO Ashish Kanakia
Mumbai-based Cineline India Ltd is set to accelerate its growth in the film exhibition sector after achieving a net debt-free status, thanks to the successful monetization of its hotel asset in a Rs 270-crore deal. The company has finalized an agreement with Sparsh Vidhyut to sell its 'Hyatt Centric' hotel in Goa, which was owned by its wholly-owned subsidiary, R&H Spaces Private Ltd. The deal will help Cineline India retire a significant portion of its debt, with Rs 120 crore being cleared at the subsidiary level and Rs 108 crore directed towards fully settling the debt related to its film exhibition business.
CEO Ashish Kanakia emphasized that this debt reduction will pave the way for Cineline India to reinvest and expand its core business. The company operates 77 screens under the MovieMAX brand across 21 properties in six states and has additional agreements for 82 more screens. With the debt cleared, Cineline aims to strengthen its financial position and generate consistent free cash flow, which will be reinvested into expanding its market presence.
In the last two years, Cineline has also monetized non-core real estate assets worth Rs 351 crore, including the sale of Eternity Mall in Nagpur for Rs 60 crore and commercial spaces in Mumbai for Rs 21 crore. Kanakia noted that the company’s debt-free status would provide the financial stability necessary for aggressive growth, particularly in expanding screens through a low revenue share or profit-sharing model with developer-funded capital expenditure.
With an optimistic outlook, Cineline India is poised to capitalize on the expected box office revival and unlock significant potential for growth in the rapidly evolving film exhibition sector.

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