Multiplex chain PVR to develop 250 screens for Rs400 crore

New Delhi: Multiplex movie hall chain company PVR Ltd is reported to be mulling an investment of around Rs400 crore for the nationwide setup of up around 250 screens over the next two or three year period. According to Ajay Bijli, chairman and managing director of PVR, the company has maintained a one to one debt-equity ratio, and has enough cash thanks to its theatres having done well. He said fund raising, if and when required, would be a mix of various options. PVR would raise funds for its four year old distribution and production subsidiary, PVR Pictures. The company''s growth plans, according to Bijli, are organic for the exhibition company, which will see the launch of new cinemas across ''unaddressed catchments'' within the cities that it already operates in. PVR presently has 95 screens, and is planning a renewed focus in the southern part of the country, where business has been particularly good. According to Bijli, Bangalore is host to the best performing PVR theatre, which recorded 2.5 million admissions. A PVR theatre will come up in Chennai soon, he added. PVR has launched its ''Premiere'' brand at a mall in New Delhi, which aims at providing a premium experience to movie goers. The company plans to roll out around 30-40 similar ''cinema-watching experience providers'' by 2010. Pramod Arora, president and CEO of PVR estimates the category at contributing around 15-20 per cent of revenue over the coming years. These premium movie experiences are targeted at tapping audiences who can afford to pay around Rs600 or more for a ticket that will allow them to watch the latest blockbusters encased in leather-clad, fully reclining chairs, with chef cooking up their orders from a personalised menu in what PVR calls ''Gold Class'' auditoriums.