The country’s two largest multiplex chains INOX and PVR have recently announced a merger. Now both these major movie theater chain firms have made a big plan. The company is planning to open about 2,000 screens in the next seven years. An investment of Rs 4,000 crore will be made for this.
Inox Leisure Director Siddharth Jain said in a Business Update conference call with investors that the merged entity will invest Rs 2.5 crore per screen as part of its expansion.
The country’s largest multiplex chain will become
On March 27, PVR and Inox Leisure had announced a merger deal to create the largest multiplex chain in the country with over 1,500 screen networks. The unit will explore opportunities in tier 3, 4 and 5 cities besides developed markets.
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“The existing screens will continue to operate as PVR and INOX brands, while the new cinema halls to be opened after the merger will be branded as PVR INOX,” the companies said in a statement.
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What did the company say?
When asked about the screen count in the new company’s plan, Jain said, “We have about 2,000 screens in our plan. Our stated target is to double our size in the next seven years. For which at least Rs 4,000 crore.” Rs. Capital will be required.” He said that of the presently existing screens of Inox and PVR, only 50 are competing with each other. He said that new screens would be opened in different categories of cities. PVR promoters will hold 10.62 per cent in the merged entity, while Inox promoters will hold 16.66 per cent in the combined entity.