Empower India has decided to foray into infrastructure for media and entertainment industry which is the overall thrust area from government of India under integrated tourism development plan.

Empower, as part of implementing such inorganic growth, has signed a non binding term sheet with the promoters of Saibollywood film city India.

The acquisition of Saibollywood would be of strategic importance to Empower to make vast inroads into multibillion dollar infrastructure development industry of media and entertainment.

Shares of the company declined Rs 0.01, or 3.57%, to trade at Rs 0.27. The total volume of shares traded was 49,090 at the BSE (3 p.m., Thursday).