Multiplex chain operator PVR plans to invest Rs 150 crore to open another 75 screens over the next one year in the country.
“In the next 9-12 months, we will be adding some 75 odd screens all over the country. Our capex plan for the next one year is Rs 150 crore to fund this roll-out,” PVR Ltd Chief Financial Officer Nitin Sood told PTI.
The Delhi-based firm, which acquired rival Cinemax recently, has 213 screens operational in the country.
“We currently have 213 screens plus 138 screens of Cinemax, taking the total number to 351 in the country. We will be adding another 75 to this tally,” Sood said.
When asked where the company plans to come up with the new screens, Sood said: “It will be fairly spread out in Tier-I and Tier-II cities.”
He added that the new screens would come up at various places, including Kochi and Chandigarh.
In January, PVR had completed the acquisition of 69.27 per cent stake in Cinemax India Ltd from its erstwhile promoters.
SEBI Takeover Code
In compliance with SEBI Takeover Code, the company has announced an open offer to the shareholders of Cinemax India for an additional 26 per cent stake, and the tendering period shall commence on February 4, 2013.
Consequent to the said acquisition, Cinemax India Ltd has now become a subsidiary of PVR Ltd.