PVR to add 100 screens in FY23, merger with INOX on track: Ajay Bijli
Shares of PVR Ltd ended at Rs 1,897.20, down by Rs 2.30, or 0.12 percent on the BSE. The multiplex major's CMD Ajay Bijli told CNBC TV18 that the retail boom is good news for his company.
Multiplex major PVR Ltd on Friday, December 2, said the company is planning to add 100 screens for this financial year (FY23). In an exclusive interview with CNBC-TV18, Ajay Bijli, Chairman and Managing Director, said there is a retail boom happening which will help the company. "New retailers are also making their retail format more and more experiential. We are on track to add 100 screens in FY23 and that is the kind of screen addition we will be having every year," he said.
Bijli said the second quarter was disappointing, but the third quarter is doing well, "We have had movies like Wakanda, Drishyam 2, Bhediya, Avatar is coming, so the first two months have been very good."
He said the approvals of the INOX merger depend on the regulatory environment but the main approvals of NSE, BSE, and NCLT have come. "There is another approval happening on December 15, so it will take its due course but maybe in 45 days maximum the merger should get completed," he added.
Also Read: PSU oil companies to seek fiscal relief of over Rs 22,000 crore for petrol and diesel losses
As per the agreement, INOX will merge with PVR in a share-swap ratio of three shares of PVR for every 10 shares of INOX. The combined entity will be named PVR INOX Ltd with the branding of existing screens to continue as PVR and INOX, respectively. New cinemas opened post the merger will be branded as PVR INOX.
With the opening of Kerala's first-ever IMAX, PVR has strengthened its growth momentum in FY23 with 876 screens at 176 properties in 76 cities of India and Sri Lanka. In the first quarter, PVR had 2.5 lakh patrons visiting cinema halls for the movie experience, and record revenues and profits.
(Edited by : Shoma Bhattacharjee)
First Published: Dec 2, 2022 5:47 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP replaces Poonam Mahajan with lawyer Ujjwal Nikam for Mumbai North Central Lok Sabha seat
Apr 27, 2024 7:53 PM
Meet Amritpal Singh, the separatist leader contesting Lok Sabha polls from Punjab's Khadoor Sahib
Apr 27, 2024 7:18 PM