Pyramid Saimira set to buy UK's reel cinemas

India’s leading film theatre chain Pyramid Saimira Theatres (PSTL) is close to acquiring UK’s oldest theatre chain Reel Cinemas (earlier Associated British Cinemas or ABC) for around Rs 200 crore. Owned by Loughborough-based businessman Kailash Chander Suri, Reel runs a chain of independent cinemas.

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A source close to the development said PSTL has completed the due diligence exercise few weeks ago and the deal is expected to be announced shortly.