The world's fastest growing entertainment conglomerate, Pyramid Saimira Group has signed up a Memorandum of Understanding (MoU) with the China Society Music Research Board (CSMRB), which is under the Ministry of Culture of the People's Republic of China, in order to form the Jiangsu Pyramid Longzhe Group.

Jiangsu Pyramid Longzhe will run theatres, distribute films and engage in other entertainment, arts and cultural activities in China.

Besides, the new entity will roll out one screen per day in Mainland China and further generate non-box office revenues also.

While lecturing about the MoU and the newly formed venture, Mr. P S Saminathan, managing director, Pyramid Saimira Group, said: "It is a proud moment for the Pyramid Saimira Group to become the first Indian entertainment Company to foray into China. This is a landmark deal for us, given that the entertainment sector in China is highly regulated. We see great potential for the entertainment sector in China as there is a significant increase in the disposable incomes of the entire population, as well as the willingness of new generation to avail multi faceted entertainment product & services."

During the first year, the companies would invest around Rs 400 crore in the group, Mr. Saminathan added.

He also said that they would set up a huge theatre chain network / food courts / gaming parlours and offer other entertainment services.

He said that they also aim to bring international content to China and will also showcase and market local Chinese content across the world.

This will build up the growing exhibition & content business of our group and will in a very short time make us the largest exhibitor in the world

Venkatakrishnan, COO, Jiangsu Pyramid Longzhe Group, stated, “We are extremely happy to partner with the China Society Music Research Board to bring in international entertainment content into China. We already have an established track record in operating multiplexes and stand-alone theatres in India, the US, Singapore and Malaysia. We are confident that we will now be able to leverage and extrapolate our expertise in the larger market of China.”

Commenting on the cultural cooperation agreement, Luo Shi Zheng, Assistant Secretary-General, The Association of Social Music Research in China, said, “China is actively pursuing strong cultural ties and would like to strengthen Sino-Indian people to people cultural exchange and cooperation.”