Gujaratstartups: Film maker Subhash Ghai’s Mukta Arts has forayed into the multiplex business under the brand 'Mukta A2 Cinemas' with the first one launched at Vadodra in Gujarat on Friday.

Mukta Arts said it has also commenced take over of ailing single screen theatres across India and will convert them to multiplexes with new film projection technology, sound system and seating arrangement. This move is aimed at tier II cities and the company has currently acquired 15 screens in Bhopal, Vadodra, Ahmedabad and Vizag.

"The cineplexes in Ahmedabad and Vizag would be launched shortly this year," it said in a notice to stock exchanges.

Mukta Arts said it has plans to acquire 100 screens by 2012.

Mukta Arts shares were up 5% at Rs 39 in afternoon trade on Monday.

Source: Moneycontrol.com