PVR to buy the cinema exhibition business of realty major DLF for Rs433 cr

01 Jun 2016

PVR Limited, India's largest film exhibition company, yesterday said that it would buy the cinema exhibition business of realty major DLF, for Rs433 crore.

Under the amended agreement PVR will buy 32 screens of DT cinemas to multiplex operator at a revised price of Rs433 crore.

In June last year, PVR struck a deal to acquire DT Cinemas for Rs500 crore, but earlier this month, the Indian antitrust regulator Competition Commission of India, approved the deal on the condition that certain assets be excluded from the transaction.

Under the revised deal, PVR will now buy 32 screens (29 operational and 3 upcoming) of in the National Capital Region and Chandigarh.

This would exclude DT Savitri (1 screen) and DT Saket (6 screens) from the deal.

The initial transaction included 39 screens of DT Cinemas with a total capacity of around 9,000 seats.

Currently, PVR has 524 screens across 114 locations in 47 cities. As a result of the proposed acquisition, PVR will have a presence with 121 multiplexes and 553 screens.

Commenting on the transaction, Ajay Bijli, chairman and managing director at PVR said, ''It is another milestone for us. This acquisition is in pursuance of our core strategy to offer a world class cinema experience to the discerning Indian consumer.''

PVR currently operates a cinema portfolio comprising of 553 screens at 121 properties in 47 cities, serving 70 million patrons annually.