Multiplex chain PVR Ltd. on Wednesday signed an agreement with IMAX Corporation to add five more IMAX theatres in the Indian market. Through this rollout, PVR cinemas will reach a count of 10 IMAX screens and retain its position as the largest IMAX partner in India.
The new IMAX theatres, which are planned to be located in Delhi and other major metropolitan markets and will comprise a combination of new and existing PVR cinemas, are slated to begin opening this year, with all theatres expected to launch by the end of 2019.
“With IMAX anchoring our most important locations, we look forward to further strengthening our presence in India by offering our patrons the most technologically advanced movie going experience available,” said Ajay Bijli, Chairman and Managing Director, PVR Ltd.
PVR’s IMAX theatres feature IMAX’s cutting-edge projection system that delivers crystal-clear images, coupled with IMAX’s customised theatre geometry and powerful digital sound system.
“We’ve been trying to develop the Indian market for 15 years, and now finally have the momentum to build out our brand nationwide and release Indian films. Our 26 theatres in India, signed or open, and our 10 signings in the last year show that India is becoming a very important market for us,” said Richard L. Gelfond, CEO, IMAX.
PVR Cinemas currently operates a cinema circuit of 579 screens at 126 properties in 50cities with 4 IMAX screens in Mumbai, Bengaluru and Noida. Since April 2016, IMAX has signed 10 theatre agreements in India - the highest number of signings in India in a single year in the company’s history.
The latest deal with PVR Cinemas marks one of the largest single theatre signings for IMAX in the country, bringing the total number of IMAX theatres to 26, with 11 currently open and 15 contracted to open.