PVR joins hands with Prestige Group
PVR, the leading multiplex operator has tied up with Bangalore-based Prestige Group to open and operate 60 new screens in South India.
According to the deal, PVR will be operating multiplexes for all of Prestige’s Forum malls. The partnership will be on a profit sharing basis.
Ajay Bijli, Chairman and MD, PVR Limited said, "With this strategic alliance, we will bring in our expertise to tap the synergies between us to expand and further cement our standing in movie exhibition space. "
The new screens at Prestige`s Forum Malls will be installed in Mangalore, Mysore, Chennai, Kochi, Hyderabad in addition to few new projects in Bangalore. The group would invest around Rs 3000 to Rs 4000 crore in all for these projects.
Sanjeev Kumar Bijli, Joint Managing Director of PVR Limited said, “We will have about 250 additional screens at an investment of about Rs 3.5 billion over the next three years. ”
Irfan Razack, Chairman and Managing Director, Prestige Group said, “The Company is planning to raise a combination of debt, private equity and internal accruals to build malls in South India. ”
By 2011-end, the company hopes to augment the number of malls from current four to 30 across the country. The stock of PVR closed today at Rs. 332.45 down by 0.71% from its previous close of Rs. 324. It touched an intraday high of Rs. 336 and a low of Rs. 315.