The multiplex chain PVR Ltd has chalked out a pan-India expansion strategy to shed its ‘north India’ image. The company expects to add around 240 screens over the next three years at an estimated investment of Rs 500 crore. The funds would be raised through a mix of internal accruals, debt and equity.
“We are considering cities like Vijaywada, Mysore, Kolkata, Kochi, Bhopal, Surat, Pune, Jalandhar and Kolkata to have our presence. The company will also add additional screens at Bangalore and Delhi,” Ajay Bijli, chairman and managing director of PVR Ltd told HT. Bijli added that, of the new screens planned by the company, around 40 screens would be 3-D enabled.
The company believes that cinema business is increasing at a rapid pace and would increase by at least 25 per cent over the next five years where 3-D movies would dramatically increase the number of cinema viewers in coming times. The expansion plans of PVR are being chalked out to cash on the increasing entertainment business opportunities in the offing.
At present, PVR operates over 136 screens spread over 18 cities in India. With new screen additions, it would have its presence in over 35 cities nationwide. “Design will be of paramount importance in our multiplexes where we intend to provide complete entertainment experience,” explained Bijli. He added that, on average, every year the company would invest close to Rs 200 crore.