PVR seeks incentives from Punjab to promote multiplexes
Multiplex operator PVR Cinemas on Friday sought new incentives from Punjab government including subsidised electricity, land at concessional rate and stamp duty exemption to promote multiplexes and cinemas in the state.Updated: Feb 14, 2014 16:30 IST
Multiplex operator PVR Cinemas on Friday sought new incentives from Punjab government including subsidised electricity, land at concessional rate and stamp duty exemption to promote multiplexes and cinemas in the state.
Having already invested over Rs 100 crore in Punjab, PVR Cinemas said it is now looking forward to getting state government's support, contending the state's new industrial policy has not "offered anything" for promoting multiplexes in the state.
"We are bullish on Punjab...we hope the Punjab government doled out some incentives for multiplex companies," PVR Limited CEO & group president, Pramod Arora, told PTI here.
"We should get subsidised electricity, we should get exemption in taxes...we want concessional rate of land for (setting up) multiplexes and no stamp duty (for multiplexes)," he said.
Arora further sought allowing multiplexes to be open beyond 11 pm in Punjab, saying it would give a boost to multiplex sector in the state.
He said the state's new industrial policy did not offer any incentive for multiplex sector.
With fiscal incentives being offered depending upon the scale of investments, Punjab government's new industrial policy offers exemption from VAT, electricity duty, stamp duty, property tax for various industrial verticals including manufacturing, textiles, agro and food processing and electronics sectors.
Arora said that Punjab government officials had indicated that any company investing more than Rs 100 crore in the state would get special incentives.
"We wanted to complete our Rs 100 crore investments in the state and we have done that. Now we want to see Punjab government doling out some incentives," he said.
"We are open towards making more investments into the state. We had shown our commitment of making Rs 100 cr investments. Now the state government should dole out certain incentives and we (will) make new investments in the state," he added.
He said PVR Cinemas has invested Rs 120 crore in Punjab on multiplexes in last three years.
The company now boasts of around 40 screens in the state including 18 in Ludhiana, 4 each in Pathankot, Amritsar, Jalandhar and 9 in Mohali.
Betting big on growing Punjabi film industry, PVR Cinema plans to add 40-50 screens in Punjab with an investment of Rs 100 crore in next three years.
"We want to add 40-50 screens in Punjab to revive Punjabi film industry. We plan to open screens in Bathinda, Patiala, Khanna, Sangrur and other parts of the state," Arora said.
Meanwhile, PVR Cinemas today also announced launch of 9 screen multiplex at North Country Mall at Kharar in Mohali.
This would be the company's second biggest multiplex after Bangalore in the country.
It will cater to people coming from several places including Nangal, Una (HP), Baddi (HP), Hoshiarpur, Ropar, Patiala, he said.
PVR Limited has 417 screens in 96 cinemas in 40 cities across India.
First Published: Feb 14, 2014 15:43 IST