Pyramid Saimira Theatres (PSTL), the Chennai-based movie theatre chain, has formed a joint venture with Delhi-based real estate firm Baderwals Infraprojects to set up a chain of 200 integrated leisure and shopping destinations with an estimated investment of Rs 12,000 crore.

PSTL will hold 49% stake in the newly-formed company called Baderwals Pyramid Development, while Baderwals will hold the remaining equity.
According to PSTL managing director PS Saminathan, Baderwals Pyramid, besides being the largest chain of its kind in the country, would also develop an array of single largest chain of multiplexes, budget hotels, hypermarkets and shopping malls.

PTSL has recently formed a special purpose vehicle (SPV) with Shriram Mall Infrastructure, a south India-based firm to set up 100 malls-cum-multiplexes. In the SPV, Shriram holds 70% equity while PTSL holds the remaining.

The industry is projected to grow at 18% annually and is expected to be around $3.4 billion by 2010. The major driving factor in this growth would be technological advancement in production, exhibition and marketing.