E City to enter Tier II and Tier III cities with Value Malls

E City Ventures, part of the Essel Group, is setting up 45 value malls aggregating 10 million sq ft in Tier II and Tier- III cities and are looking at an equity funding of Rs 450 crore.
As part of its retail real estate, E-City Ventures will create 20 million sq ft in two formats – lifestyle format, which is Fun Republic , and another in the value format, which is yet to be named. . In the lifestyle format, 4 million sq ft of retail space is already in place with Fun Republics operational in Ahmedabad, Delhi , Chandigarh and Mumbai and under construction in Jammu and Coimbatore.They will build a further 6 million sq ft in this format.
As for its cinema infrastructure, there are 50 Fun Cinemas in place and 32 will be added this year. In the value Talkie Town format, there are 6 screens.Three more are going to be operational soon and they will add 25 more this year.