India has emerged as one of the fastest growing markets for IMAX Corporation, a leading entertainment technology company, with eight new film theatres scheduled to open by 2008.

The Toronto-based IMAX Corporation and Sathyam Cinemas of India announced an agreement to install IMAX theatre systems at multiplexes across India.

So far IMAX theatres are operational in Ahmedabad, Mumbai and Hyderabad.

"Hyderabad and Mumbai are two of our top performing theatres internationally for Hollywood films," according to a company source. "We lease or sell the theatre system to local operators."

The deal is the third between IMAX and Sathyam and marks the second time the exhibitor has doubled the number of theatres it plans to open in the country.

China remains IMAX's fastest growing international market with five theatres already in operation and 25 more scheduled by 2008.

"India is a vast market that holds a great deal of growth potential for IMAX," IMAX co-chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechlser were quoted as saying in a press release.

"We have been delighted with the success of the multiplex-based IMAX theatres in this region and very pleased with exhibitor response to the IMAX MPX value proposition. We are optimistic that Sathyam Cinemas doubling its commitment will fuel further interest and growth for IMAX in India."

"We want to offer moviegoers a compelling reason to visit Sathyam Cinemas," Kiran Reddy, Sathyam's managing director, said.

"Indian moviegoers are paying a premium ticket price for blockbusters in IMAX's format, and we've been very impressed with the recent films' grosses in Hyderabad and Mumbai."

Sathyam Cinemas' first IMAX theatre is expected to open in Chennai in March 2006 to be followed by another one in 2008. The other two IMAX theatres will open in 2007 and 2008 at yet to be announced locations.