DLF to sell 32 screens to PVR for Rs 433 crore
business Updated: Jun 01, 2016 05:46 IST
NEW DELHI: Realty major DLF will sell 32 screens of DT cinemas to multiplex operator PVR under a revised deal worth Rs 433 crore weeks after the Competition Commission of India (CCI) gave its conditional nod with direction to exclude seven screens from the proposed transaction.
DLF operates the multiplex arm DT Cinemas under its subsidiary DLF Utilities.
Earlier this month, CCI had approved PVR’s proposed acquisition of DT Cinemas from DLF while directing the companies to exclude certain assets from the deal to address anti-competitive concerns.
In June last year, PVR had announced the acquisition of DT Cinemas for Rs 500 crore after aborting from a similar deal in February 2010.
PVR said: “The amendment agreement provides for exclusion of DT Savitri (1 screen) and DT Saket (6 screens) from the aforementioned transaction”.