News Broadcasting
PVR Cinemas to invest Rs 800 million on multiplexes
MUMBAI: Delhi-based PVR Cinemas is planning to invest around Rs 800 million for expanding its chain of multiplexes to 20 by the end of this financial year.
The 20 multiplexes will be spread across 8-9 cities. Currently, PVR Cinemas has nine multiplexes in five cities – Delhi, Gurgaon, Faridabad, Chandigarh and Bangalore. The latest in the line-up, a 11-screen multiplex in Bangalore, was opened today.
The company is planning to instal approximately 70-80 screens. Currently, PVR has 37 screens.
“We plan to invest around Rs 80 crore and have 20 properties by March 2005,” PVR Cinemas managing director Ajjay Bijli told indiantelevision.com.
The funding plans for the project, Bijli says, are very fluid. “We will take a call by the end of this financial year. It could be debt, equity or from internal accruals.” ICICI Venture has a 35 per cent stake in PVR Cinemas.
The new multiplexes are coming up in Mumbai, Hyderabad and Chennai. In Mumbai, the multiplexes will be stationed in suburbs Goregaon (10-screen), Mulund (6-screen), Juhu (5-screen), South Mumbai (6-screen) and Lower Parel (10-screen).
For its expansion plans in the Southern and Western regions, the company recently hired former Mukta Adlabs CEO Sunil Patil as COO.
