Indian exhibitor Inox Leisure has taken management control of rival Fame India following a protracted takeover battle which was resolved earlier this month.
Pavan Jain has been appointed Fame chairman while Deepak Asher will continue as director on the Fame board as an Inox nominee. Fame co-founders Shyam Shroff and Shravan Shroff has resigned and are no longer on the board of Fame.
Inox holds a 50.3% stake in Fame following a takeover battle in which Reliance MediaWorks, which owns the Big Cinemas chain, also attempted to take control of the company.
Inox has 38 sites with 144 screens in 25 cities across India, while Fame has 25 sites with 95 screens in 12 cities. Big Cinemas has 260 screens in India and another 280 across the US, Malaysia, Nepal and the Netherlands.
No comments yet