PVR to invest Rs 160cr to expand screen, bowling alley network
The country's largest multiplex chain PVR Cinemas is planning to invest Rs 160 crore to scale up its screen and bowling alley network in the country, a top company official said in Mumbai.business Updated: Oct 13, 2009 18:56 IST
The country's largest multiplex chain PVR Cinemas is planning to invest Rs 160 crore to scale up its screen and bowling alley network in the country, a top company official said in Mumbai.
"We plan to invest Rs 100 crore to add 60 more screens by the end of this fiscal and open five bowling alleys in the next calendar year," PVR Blu-O Director Pramod Arora told PTI.
Presently, the company runs 108 screens nationwide.
PVR Blu-O, the company's retail entertainment joint venture with Thailand-based Major Cineplex, would invest Rs 60 crore in setting up the five bowling alleys in Delhi, Mumbai and Pune. The company also plans to set up 60 new alleys across the country over the next two-and-a-half-years.
"These new alleys will come up in Bangalore, Chennai, Mumbai, Delhi-NCR and Cochin," Arora said.
Presently, Blu-O has a 24-lane bowling alley at Gurgaon in NCR, which has posted a revenue of Rs 15 crore, Arora said. PVR earned a Rs 270 crore revenue in FY 09 from its cinemas and projects a 40 per cent growth this fiscal.
From its bowling alleys segment alone, it expects a 100 per cent growth this fiscal and a whopping 500 per cent growth next financial year.
"We (PVR) posted a loss only in the first quarter this year. The second quarter saw an improved performance and we expect to make profits in Q3 and Q4," Arora said.