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PVR to Add Up to 70 Screens in 2016

Published: 29th December 2015 07:18 PM  |   Last Updated: 29th December 2015 07:18 PM   |  A+A-

By PTI

BENGALURU: Continuing with its aggressive expansion plans, Multiplex major PVR Limited today said it plans to add around 65-70 screens in the next one year.

"We have maintained the position as the leading multiplex player in India and will soon pass the 500 screens mark by January 2016," PVR Cinemas CEO Gautam Dutta told PTI here.

Asked if the company was planning to raise more funds in future after mopping up Rs 350 crore from PE firm Multiples, he said, it does not require to do so to fund its organic growth.

"As far as PVR organic growth is concerned it will be completely funded out of the internal accruals of the company going forward and the company does not require to raise any funds in future to fund its organic growth," he said.

PVR had raised Rs 350 crore from Multiples to partly fund the DT transaction, Dutta added.

Talking about new variants and sub-brands, he said in addition to the present six variants, the company will bring India's first installation of the 4DX system in beginning of 2016 at PVR's first Superplex, a 15-screen multiplex in Noida.

"Introducing 4DX will be another step to offer the finest movie experience to our patrons and we see a promising future for this technology in our country," he said.

PVR will also introduce the sub-brand PVR Playhouse in the 15 screen Superplex which will be an exclusive fun and entertainment destination for children aged 5-9 years by offering them play seats, bean bags, cartoon character-themed interiors besides a special menu, Dutta said.

To a query, he said PVR is keen on investing in the South, largely a single-screen market. In contrast to the South, the number of multi-screen cinemas is much higher in the North and West, he said.

He also said the company plans to open more screens in South India because of spurt of malls in the region and a vibrant multi-lingual regional film industry.

Dutta said the company had expanded its presence in South India by launching its second multiplex in Chennai.

Asked about earlier reports on the transaction to buy Chennai-based SPI Cinemas (formerly known as Sathyam Cinemas), he said: "We should not comment on this, the (Sathyam Cinemas) transaction is not happening."

Dutta was here for the launch of the company's newly constructed nine-screen multiplex at VR.

With the launch of nine-screen multiplex in Bengaluru, PVR continues to be largest multiplex of the city with 57 screens across seven properties.



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