MUMBAI: Multiplex chain operator PVR Ltd has taken full control of group firm PVR Pictures by buying out the stakes of JP Morgan Mauritius Holdings and India Advantage Fund for an undisclosed amount.

JP Morgan Mauritius Holding and ICICI Venture’s India Advantage Fund held 40 per cent stake in PVR Pictures in equal proportion.

 
With this buyout, PVR Pictures has become a wholly owned subsidiary of PVR Ltd.

The move is part of PVR’s strategy to focus on growing the cinema exhibition business while going slow on film production for the next couple of years.

Some films co-produced by PVR Pictures include Taare Zameen Par, Jaane
Tu Ya Jaane Na, Contract and Mere Khwabon Mein Jo Aaye.

PVR is streamlining capital to expand its exhibition business. In May, PVR sold its multiplex property at Phoenix Mills, Mumbai, to JM Financial Group for a consideration of Rs 1 billion. Post completion of the transaction, PVR will continue to operate the multiplex property on a long-term lease arrangement basis.