PVR to invest Rs 150cr to open 75 new screens in next one year
Multiplex chain operator PVR plans to invest Rs 150 crore to open another 75 screens over the next one year in the country.
New Delhi: Multiplex chain operator PVR plans to invest Rs 150 crore to open another 75 screens over the next one year in the country.
"In the next 9-12 months, we will be adding some 75 odd screens all over the country. Our capex plan for the next one year is Rs 150 crore to fund this roll out," PVR Ltd Chief Financial Officer Nitin Sood told PTI.
The national capital-based firm, which acquired rival Cinemax recently, has 213 screens operational in the country.
"We currently have 213 screens plus 138 screens of Cinemax, taking the total number to 351 in the country. We will be adding another 75 to this tally," Sood said.
When asked where the company plans to come up with the new screens, Sood said: "It will be fairly spread out in Tier-I and Tier-II cities."
He added that the new screens would come up at various places, including Kochi and Chandigarh.
In January this year, PVR completed the acquisition of 69.27 percent stake in Cinemax India Ltd from its erstwhile promoters.
In compliance with SEBI Takeover Code, the company has announced an open offer to shareholders of Cinemax India for an additional 26 percent stake, and the tendering period shall commence on February 4, 2013.
Consequent to the said acquisition, Cinemax India Ltd has now become a subsidiary of PVR Ltd.