DLF exits cinema biz, sells 7 screens to Cinepolis for Rs 64cr
Realty major DLF on Friday announced the sale of its remaining 7 screens of DT Cinemas in the national capital to Cinepolis India for nearly Rs 64 crore, thereby exiting the cinema exhibition business.
New Delhi: Realty major DLF on Friday announced the sale of its remaining 7 screens of DT Cinemas in the national capital to Cinepolis India for nearly Rs 64 crore, thereby exiting the cinema exhibition business.
DLF Ltd had in May entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.
Originally, PVR was to acquire all 39 screens, comprising 9,000 sitting capacity for Rs 500 crore, but the deal was revised after fair trade regulator CCI raised some objections.
DLF operates multiplex arm DT cinemas business under its subsidiary DLF Utilities.
"DLF Utilities Ltd, has completed a transaction today with Cinepolis India for sale and transfer of remaining seven screens pertaining to DT Cinemas (Saket-6 screens & Greater Kailash Part II - 1 screen) as a going concern on a slump sale basis for a consideration of Rs 63.67 crore upon receipt of CCI approval," DLF said in a BSE filing.
With the closure of this transaction, the company will exit the cinema exhibition business.
"This is in line with the company's strategy to focus on company's core business and divest non-core businesses or assets," it added.
The Competition Commission of India had in May approved PVR's proposed acquisition of DT Cinemas from DLF while directing the companies to exclude these 7 screens from the deal to address anti-competitive concerns.