Brands
Panvel Mumbai to get its first PVR multiplex
Mumbai: In proximity to Mumbai, the heart of the bollywood film industry, Panvel gets its first PVR multiplex. Panvel is an important city of Raigad district (Maharashtra) and is highly populated due to its closeness to Mumbai. The diverse population of the city has created a customer base which is expanding at an exponential rate. However, the market is clearly untapped when one talks about the entertainment destinations.
PVR, India’s largest cinema exhibition company, realizing the growing demand of a premium entertainment hub, launches its 5- screens multiplex at Orion Mall, which is also the first multi-brand mall in the city along with the multiplex. Situated in the heart of city, with ease of access from Railway Station and the ST Bus Depot, the location provides an unexplored viable catchment. With this launch, PVR’s screen count in Maharashtra reaches to 143 screens across 35 properties.
Speaking at the launch of the cinema, PVR Cinemas CEO Mr Gautam Dutta said, “Panvel is an upcoming city of Maharashtra. It has great infrastructures, good connectivity, affordable residential apartments and an audience, who are highly inclined to watch cinema at the best state of the art facilities. We are very excited to open our first multiplex in the city and hope that our brand becomes equally popular with the people here as well.”
The newly launched cinema has a unique and contemporary design of bollywood artwork and décor with an entrance wall of orange Italian stone portals marking the grand entry to the cinema foyer. The cinema is spread across an area of 25,292 sq ft and is capable of catering to 940 patrons. PVR Cinemas also offer an added convenience to movie-goers with the availability of Quick – tix, a time saving technology to instant ticketing solution. This allows the patrons to enter the theatre in a quicker and more efficient manner by avoiding the long queues. To add up to the offerings, PVR is also providing recliners for extra comfort. Technology remains the most important aspect of the cinema and PVR provides an exceptional digital movie watching experience to its patrons with 7.1 Digital Dolby surround sound, 4K projection system and 2nd Generation 3D enabled screens.
Further, PVR Ltd Joint managing director Mr Sanjeev Kumar Bijli, added, “It is an exciting moment for us as we launch our first multiplex in Panvel. I am sure we will be able to fulfill the expectations of our audience here. On behalf of PVR, I would like to thank M.P Associates, our developers, for providing us a prime location that caters to such a wide spectrum of audience. Since, Panvel now has the much needed premier platform for entertainment in the immediate catchment; the multiplex would stand as the favorite destination for the patrons from Navi Mumbai, Raigad District, Mahad, Roha, Alibagh and the places around it. We are looking forward to a massive response from the city.”
At the launch, Orion Mall Panvel (MP Group) promoter Mangesh Parulekar- said: “Orion Mall Panvel is the first mall in Panvel and PVR Cinemas is the first ever multiplex in entire Navi Mumbai. We are truly proud and honored to be associated with PVR Cinemas. What PVR offers is a complete movie experience which people of Navi Mumbai have never experienced before. There is lot of excitement amongst people here and the PVR Cinemas launch is much awaited. The reason to initiate this project was to offer the people of Panvel excellent quality brands and an overall shopping and entertainment experience. We have been successful in this mission with majority of the anchors and vanilla stores now in operation. PVR Cinemas launch is the cherry on the cake and we believe that this relation with PVR will act as an important attribute to enhance the entire experience we intend to provide at Orion Mall Panvel.”
With this launch, PVR reaches a total count of 524 screens at 114 properties across 47 cities pan India.
Brands
Flipkart completes reverse flip to India ahead of IPO
Walmart-owned e-commerce giant shifts domicile from Singapore to Bengaluru
MUMBAI: Flipkart has completed its restructuring to move its parent company from Singapore back to India, marking a key milestone as the Walmart-owned marketplace prepares for a potential initial public offering on Indian stock exchanges, ET reported, citing people aware of the matter.
The move, often referred to as a “reverse flip”, relocates the company’s legal home to India and aligns its corporate structure more closely with its largest market. It also clears an important regulatory step for Flipkart as it explores listing plans.
As part of the restructuring, several Singapore-based entities have been merged into Flipkart Internet Private Limited, which will now serve as the main holding company for the entire group.
The consolidation brings a number of major businesses directly under the Indian parent company. These include fashion platform Myntra, logistics arm Ekart, travel booking platform Cleartrip, healthcare marketplace Flipkart Health, and fintech venture Super.money.
Under the new structure, global investors including Walmart, Microsoft, SoftBank, and the Canada Pension Plan Investment Board will hold their stakes directly in the Indian entity rather than through an overseas holding company.
The redomiciliation required approval from the Indian government because Chinese technology company Tencent owns around a 5 to 6 per cent stake in Flipkart. Under Press Note 3, investments from countries sharing a land border with India require prior government clearance.
Flipkart had already secured approval from the National Company Law Tribunal in December. With the latest clearance from the central government, the company has now obtained all the regulatory approvals needed to complete the relocation, ET reported earlier.
Flipkart had originally shifted its holding structure to Singapore in 2011 to tap global capital more easily. However, as India’s capital markets have matured, several start-ups have begun returning their domiciles to the country ahead of public listings. Companies such as Razorpay, Groww, and Meesho have taken similar steps.
The company is now expected to move ahead with its IPO preparations and has begun early discussions with merchant bankers. According to people familiar with the matter, Flipkart could file its draft prospectus later this year, setting the stage for what may become one of the most closely watched listings in India’s e-commerce sector.
Flipkart has been majority-owned by Walmart since 2018, when the US retail giant acquired a 77 per cent stake in the company for $16 billion in one of the largest e-commerce deals globally.
