United Film Organizers (UFO) Moviez, a digital cinema company and a subsidiary of Apollo International Ltd, is seeking private equity to the tune of $25 million. The company has mandated Ernst & Young for tying up the funding, reports Indiantelevision.com. Its rival Pyramid Saimira is on the other hand tapping capital markets to raise funds.
Just like Pyramid Saimira, UFO Moviez also plans to spread its digital cinema network to 2,000 screens by 2007-08.
Apollo International (part of the Apollo Tyres group) owns 60 per cent in the company.
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