Chennai: Entertainment company PVR Limited is buying the cinema exhibition business of DLF Utilities Limited, which is operated under the brand name of “DT Cinemas” for an aggregate consideration of Rs 500 crore. PVR currently has 467 screens across 105 locations in 43 cities. DT Cinemas currently operates 29 screens with approximately 6,000 seats across eight properties in the National Capital Region and Chandigarh.
In the next 12 months, DT proposes to add 10 new screens at two properties in the National Capital Region. As a result of the proposed acquisition, PVR will have a presence in 44 cities with 115 multiplexes and 506 screens. The proposed transaction will be subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent said the company.
Commenting on the deal, chairman cum managing director of PVR Ajay Bijli said, “It has been our strategy to expand our film exhibition business both organically and inorganically over the years.”
DLF Rental Business chief executive Sriram Khattar said that they are pleased to sell DT Cinemas to PVR which is a high quality provider of cinema experience.
“Combining our unrelenting focus on providing a wholesome experience at our malls with PVR’s deep knowledge of the cinema business, we look forward to continue enhancing our best in class offerings for the customers.”
