Bangalore, March 13. (PTI): Shriram Mall Infrastructure Pvt Ltd, a subsidiary of Shriram Properties, on Monday entered into a Joint Venture with Pyramid Saimira Threatre Ltd to set up 100 multiplexes and malls in the next three years with an investment of over Rs 5,000 crore.

The 70:30 Joint Venture would develop theatres that are already present at prime locations, the company said in a release.

Shriram Properties is a part of the Rs 25,000 crore Shriram Group.

"Our strategy would be to acquire these old theatres and convert them into modern multiplexes and retail spaces. Each of this redevelopment would also have a fair amount of retail space available," Shriram Properties Managing Director M Murali said.

This Joint Venture will provide an ideal platform to be a dominant force in all Tier II locations, which would give Pyramid Saimira a dominant and irreplaceable presence across all locations in south India, its Managing Director P S Saminathan said.

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