PVR to add 250 screens by 2016
Ajay Bijli-led PVR Ltd, a multiplex chain, plans to invest Rs. 300 crore to add 250 screens by the end of 2016, mainly by scaling up its business in smaller towns and along the coastal belt. PVR currently has 351 screens across India. Himani Chandna Gurtoo reports.business Updated: Jan 23, 2013 21:28 IST
Ajay Bijli-led PVR Ltd, a multiplex chain, plans to invest Rs. 300 crore to add 250 screens by the end of 2016, mainly by scaling up its business in smaller towns and along the coastal belt. PVR currently has 351 screens across India.
The company is also seeking to double its turnover to Rs. 1,500 crore by 2016 on the back of its robust expansion plans and increase in discretionary spends on entertainment.
“We expect to double our turnover in the next 3 years, which currently stands around Rs. 750 crore in 2012-13,” said Pramod Arora, group president and chief executive officer, PVR.
“For the next three years, we plan to infuse Rs. 100 crore per year, with an aim to add 80 screens annually,” said Arora. “We may raise this money through debt and equity or internal accruals.”
The company is already in talks with mall developers to acquire key anchor positions. It is also looking to cash in on its recent acquisition of 69.3% in Cinemax India to foray into new areas.
The deal has widened PVR’s presence to over 36 cities across India.
In smaller towns, PVR plans to focus on small areas in Punjab, Madhya Pradesh and Andhra Pradesh. “We have already zeroed in our next focus towns, which include Mohali, Bhillai, Gwalior, Kochi and Bhopal,” said Arora.