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PVR Cinemas To Invest Rs 3,000 Crore For Its Expansion

NEWS WORLD INDIA | 0
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| December 26 , 2018 , 16:14 IST

PVR, the country's largest cinema is all set to invest Rs. 3000 crore for its expansion. The company led by Ajay Bijli runs nearly 750 cinema screens across the country. PVR is planning to go full throttle and is gearing to add as many as 800-1,000 new screens over the next 3-4 years.

Speaking to media Gautam Dutta, CEO of PVR Cinemas said, "We plan to invest Rs 2,500-3,000 crore for this expansion, and this will be managed through a mix of cash and debt."

"The investments that we are lining up now are more than the estimated Rs 2,000 crore capital that we have deployed over the last two decades," he added.

Dutta further said that new-age content platforms such as Netflix and Amazon Prime are not having any significant impact on the cinema viewership.

He also said that "The same apprehensions were there when IPL made a debut a few years back. People said that IPL will impact cinema. However, it did not, and we realised that cricket does not impact cinema."

ALSO READ: PVR To Acquire DT Cinemas For A Whopping Rs.500 Crore

PVR has also been making efforts to enhance the movie-viewing experience for cinema-goers through various formats while boosting the in-theatre sound experience and having larger screens.

The company has also been growing through acquisitions, and inorganic expansion has been a key part of its strategy.

It also bought a majority stake through an acquisition in August 2018 in south India-based chain SPI Cinemas.

It operates 76 screens in ten cities under several brands such as Sathyam, Escape, Palazzo, The Cinema and S2 Cinema.

In 2016, PVR had also acquired 32 screens of DT cinemas from realty major DLF for Rs 433 crore.