Leading film exhibitor PVR Ltd's Chairman Ajay Bijli on Friday said he expects the merger with Inox Leisure to be completed by the end of this fiscal.
Post-merger, he said the combined entity would have 3,000 to 4,000 screens in five years.
He also said the company is quite encouraged by the response shown by the moviegoers in the last nine months, supplemented by a robust pipeline of movies by the film industry.
On March 27, PVR and Inox Leisure announced their merger, which has been approved by their respective shareholders, creditors as well as leading bourses NSE and BSE.
"Yesterday, we had a hearing with NCLT and the next date has been given as January 12. It is a matter of regulatory approvals and so far it is going at the right speed. It would not be too far," Bijli said.
When asked whether the merger would be completed by the end of this fiscal, he said "it could be".
"Again, the consumers in the last nine months have shown us that movie connects with them and wants to go. That gives us the confidence to roll out more screens… it has also given the confidence for investment cycles," he said.
About expansion plans, Bijli said that in terms of screens, "we are adding 100 screens every year but post-merger, more new screens would be added".
Post-merger, he said, PVR and Inox would jointly have 1,500 screens.
"We would add 200 to 250 screens every year and we are looking in the next five years maybe (as) 3,000 to 4,000 screens company," he said.
On Friday, PVR Cinemas opened its premium range of ICE THEATERS auditoriums in two of the cinemas of India and have plans to introduce the same in Mumbai and Bengaluru in the coming months.
The company has partnered with French Exhibitor CGR CINEMAS for ICE Immersive technology, which provides a sensorial viewing experience to the audience.
This features LED panels on each side of the auditorium, in order to fill the audience's peripheral vision with supplementary ambient colours and shapes and, therefore, complement the action on the main screen.
The panels placed on each side of the auditorium create a spectacular visual atmosphere through dynamic shapes and colours and allow the audience to watch movies in total immersion with 4K Projection and 3D Dolby Atmos sound system.
ICE THEATERS Managing Director Jocelyn Bouyssy said the company has an exclusive agreement for the technology for the Indian market.
"Not only is this partnership allowing us to reach new audiences, but it also is the opportunity for us to broaden our immersive experience to the Indian movie-making industry and undertake Bollywood movies post-production, with the promise to deliver 20 Indian titles per year in ICE IMMERSIVE format," he said.
Currently, PVR operates 884 screens in 77 cities in India and Sri Lanka.
