PVR to invest Rs 70-75 cr in 3 yrs for 'PVR BluO'
At present, PVR has two centres -- one in Gurgaon and the other has been opened recently here.
"BluO as a concept has worked really well for us and we are now looking at taking this across the country. Over the next 2-3 years, we want to be present in cities like Bangalore, Pune, Mumbai, Chandigarh and Ludhiana," PVR Cinemas and BluO Chief Operating Officer Gautam Dutta said.
Two years from now, PVR BluO should have 250 lanes operational, compared to the current 50, he said, adding that work has already begun on four centres.
"The company plans to invest Rs 70-75 crore in the business towards opening of these centres in the coming three years," he said.
Asked about the revenue targets for the vertical, Dutta said, "Movie exhibition business would remain the mainstay but we are looking at growing the bowling vertical as well. There are no specific targets, but say 10 percent of the revenues coming from this business should be good."
For the quarter ended June 30, PVR's revenues stood at Rs 117.15 crore. While movie exhibition, which is the main contributor to the company's topline, accounted for Rs 106.10 crore, the bowling alley business contributed Rs 3.97 crore during the quarter.
PVR BluO is a 51:49 joint venture between PVR and Major Cineplex Group of Thailand.
While PVR is listed on the Indian bourses, Major Cineplex is a public listed company on the Thailand Stock Exchange and operates 480 bowling lanes in Thailand.
"With BluO, we redefined bowling as a popular lifestyle and entertainment sport in the country. It has proven to be a good business proposition for us," PVR CMD Ajay Bijli said.
The company has recently opened a 26-lane centre in Delhi. Apart from bowling, the centre has lounges, tattoo studio and private karaoke lounge.