PVR to invest Rs 100 cr next fiscal on expansion
The company, which had earmarked Rs 100 crore for this fiscal, said it has invested up to Rs 40 crore till now.
"We are expanding rapidly across formats -- mass market to luxury. The planned investment for the next fiscal is Rs 100 crore," PVR Ltd Chairman and Managing Director Ajay Bijli told reporters.
The firm plans to add 60 screens during 2012-13.
Bijli said for the ongoing fiscal as well, PVR Ltd plans to add 60 new screens. The company has 158 screens at 36 locations in 26 cities across India.
Asked about the funding of the investments, he said it would be through a mix of internal accruals and debt.
"We have enough cash on our books right now and there is no immediate need to raise funds through other sources," Bijli said.
PVR today introduced a new format of movie theatre called Director's Cut here, which is at the super-luxury end of the spectrum offering facilities such as cafe, restaurant, bar and lounge and book stores. The tickets are priced between Rs
650 and Rs 1,050.
On the production business, he said the firm has a new movie "Shanghai" which is slated for release early next year.
"We plan to go slow on production and focus on distribution and exhibition only," Bijli said.
When asked if the company has similar plans to sell and leaseback other properties as it has done with the Phoenix Mills multiplex property in Mumbai for Rs 100 crore, he hinted one property in South Delhi could be considered.
"We have another property -- Anupam Saket (South Delhi). We might renovate or do something with it but nothing has been finalised," Bijli said but did not disclose details.