The multiplex chain operator PVR, which acquired DT Cinemas last year, is exploring for more acquisition opportunities as it’s planning to add more 100 screens by the end of next fiscal. Last year, PVR has acquired 32 screens of DT cinemas from the realty major DLF for a total cost of Rs 433 crore. At present PVR is operating 562 screens in 122 properties across 48 cities in India.
“We at PVR cinemas are always looking out for more inorganic opportunities and acquisitions. We are planning to add 30 more screens by the end of this financial year and another more 70-80 screens in the next financial tear, says PVR joint MD Sanjeev Kumar Bijli. When asked if there are companies available to acquire, Sanjeev said “There is some stuff available…but we are evaluating what would be right fit for us.”
Meanwhile, diversified company SRS Ltd. has revealed that it is in talks with the multiplex operators and private equity players to sell its cinema business. Presently SRS Cinemas operates over 50 screens in over 15 cities in the country. Recently, the private equity player of Media & entertainment industry, Warburg Pincus acquired about 14 per cent stake in PVR for about Rs 820 crore. Warburg Pincus acquired 9% stake links of private equity firm Multiples and 5% from the promoters of PVR.
PVR up for acquisition opportunities, eyes for 100 more screens
