Movies
Multiplex giants PVR, Inox announce merger to combat OTT onslaught
Mumbai: Top multiplex chains PVR Ltd and Inox Leisure Ltd have announced a merger following a meeting of their board of directors on Sunday. The combined entity, called PVR Inox Ltd, will become the largest film exhibition company in India operating 1546 screens.
“The merged entity would be able to strongly counter the advent of various OTT platforms and the after effects of the pandemic,” the two companies said in an exchange filing.
The merger will be an all-stock amalgamation subject to approval of the shareholders of PVR and Inox respectively, stock exchanges, Sebi and such other regulatory as may be required.
Post the merger, the promoters of Inox will become the co-promoters in the merged entity along with existing promoters of PVR. The board of directors of the merged company will be reconstituted with a total board strength of ten members and both the promoter families having equal representation on the board with two seats each. PVR promoters will have 10.62 per cent stake while Inox promoters will have 16.66 per cent stake in the combined entity.
When the merger becomes effective, shareholders of Inox will receive shares of PVR in exchange of shares in Inox at the approved share swap ratio. Inox shareholders will receive three shares in PVR for ten shares of Inox.
It was also decided that PVR chairman Ajay Bijli will lead the combined entity as managing director and Sanjeev Kumar will be the executive director.
Inox Group chairman Pavan Kumar Jain will be named as non-executive chairman of the board, and Siddharth Jain will serve as non-executive non-independent director in the combined entity.
“This is a momentous occasion that brings together two companies with significantly complementary strengths,” said PVR’s Ajay Bijli. “The partnership of these two brands will put consumers at the center of its vision and deliver an unparalleled movie going experience to them. The film exhibition sector has been one of the worst impacted sectors on account of the pandemic and creating scale to achieve efficiencies is critical for the long-term survival of the business and fight the onslaught of digital OTT platforms.”
“Coming together of two iconic cinema brands, which are driven by passion, is certainly the most historic moment in the Indian cinema exhibition industry,” stated Inox Leisure director Siddharth Jain. “Both companies have set high service benchmarks in an endeavour to offer the best cinema experience in the world, to the most passionate moviegoers, and would continue to do so as a unified entity. As we head into the industry’s revival amidst headwinds, this decisive partnership would bring in enhanced productivity through scale, a deeper reach in newer markets and numerous cost optimisation opportunities, and continue to delight cinema fans with world-class experiences and landmark innovations.”
Movies
Tamil film Made in Korea tops Netflix global chart, storms 24 countries
Cross-cultural drama races to No.1, marking a global breakthrough for South Indian cinema
MUMBAI: A Tamil tale has gone global at speed. Netflix’s Made in Korea has shot to No.1 on its Global Top 10 Non-English Films list, trending across 24 countries within days of release.
Premiering on March 12, the film, directed by Ra.Karthik and starring Priyanka Mohan, is the only South Indian title to claim the top spot across both licensed and Netflix original films, underlining the growing global pull of regional Indian cinema.
The story, which follows Shenba’s journey from Tamil Nadu to Seoul, has struck a chord for its emotional warmth, scenic visuals and cross-cultural appeal. Early word-of-mouth has powered its rapid climb, turning a modest release into a global talking point.
Monika Shergill, vice-president, content, Netflix India, said, “We are proud that a story like Made in Korea has become the first ever film from our south slate to land at the No.1 spot on our Global Top 10 Non-English Films list. It reaffirms our belief that there is so much more from India for the world to discover and embrace. This film stands out for blending two distinct cultures into one powerful story that explores universal emotions of love, friendship, belonging and family. At Netflix, we remain committed to championing authentic, locally rooted stories and it’s incredibly exciting to see a film like this travel so widely and connect with audiences around the world.”
Priyanka Mohan called the moment deeply personal. “Moments like these are what every artist truly hopes for. We always strive to give our best, but some films become very special in our journey as performers, and Made in Korea is one of them for me. Shenba is a character that touched my heart from the moment I read the script, and bringing her story to life has been incredibly meaningful. Working with Ra.Karthik sir was a wonderful experience. He has such clarity and sincerity in the way he tells stories. I’m also grateful to our producer Sreenidhi Sagar sir and the entire team for their constant support. And of course, my heartfelt thanks to Netflix for giving this story such a wonderful platform and helping it reach audiences everywhere.”
Ra.Karthik struck a similar note. “There are certain films you make with complete faith in the audience, believing they will connect with the emotions you are trying to convey. It is truly heartening to see Made in Korea trending on Netflix and receiving such encouraging responses from viewers, not just in India but across the world. Priyanka Mohan brought incredible dedication and sincerity to Shenba’s character, and that commitment reflects beautifully on screen. I’m grateful to producer Sreenidhi Sagar for trusting this story and to Netflix for providing such a wonderful platform for the film to reach audiences across countries.”
As the film continues to travel across borders, its success signals more than just a hit. It marks a shift, where local stories, told with authenticity, are no longer confined by language or geography. In the streaming wars, the South is not just rising. It is rewriting the script.
