Empower India in process of restructuring its business, adding new opportunities

Empower India has decided to foray into Infrastructure for Media and Entertainment Industry, which is the overall thrust area for Government of India under Integrated Tourism Development Plan. The company has taken this step as it is in process of restructuring its business and adding new opportunities through acquisition of businesses in potentially large revenue generating projects. As part of implementing such inorganic growth, the company has signed a non-binding term sheet with the promoters of Saibollywood Filmcity India, which is already building a massive Bollywood Filmcity over 350 acres in Sindhudurg, Maharashtra. The completion of the transaction is subject to satisfactory due diligence by both the parties, execution of a mutually agreed definitive binding documents and requisite approvals from the regulators.