PVR and Inox Leisure announced their merger on March 27, which was accepted by their respective shareholders, creditors, and key bourses NSE and BSE. Acquisition to be completed this fiscal year.
Merger of PVR and inox
PVR Ltd Chairman Ajay Bijli said on Friday that the merger with Inox Leisure should be finalised by the end of this fiscal year.
He predicted that the merged business would have 3,000 to 4,000 screens within five years after the merger. Currently, PVR operates 884 screens in 77 cities in India and Sri Lanka.
He also stated that the corporation is encouraged by the response displayed by moviegoers over the last nine months, which is supported by the film industry’s solid pipeline of films.
PVR and Inox Leisure announced their merger on March 27, which was accepted by their respective shareholders, creditors, and key bourses NSE and BSE.
Meanwhile, the NCLT’s Mumbai Bench has scheduled a final hearing on the merger application matter for January 12, 2024. According to reports, all regulatory authorities have already submitted their reports to the NCLT.
The two corporations had asked the NCLT for permission to join.
Recently, the non-profit public policy and advocacy organization CUTS petitioned the NCLAT to overturn the CCI order on the merger proposal. The CCI rejected CUTS’ challenge against the merger in September.
“It is an issue of regulatory permissions, which are now moving at the appropriate pace. It’s too close”, Bijli stated.
When questioned whether the merger would be finalized by the end of this fiscal, he answered “it may be”.
“Again, in the last 9 months, customers have demonstrated that the film connects with them and makes them want to see it. This gives us the confidence to roll out more displays… it also gives us confidence for investment cycles “He stated.
About expansion ambitions, Bijli remarked that in terms of displays, “we plan to add 100 screens per year but post-merger, additional new screens would be added”.
Inox and PVR would have 1,500 screens together after the merger, he claimed.
“We’d add 200 to 250 screens per year, and we’re looking at 3,000 to 4,000 screens in the next five years,” he said.
New ICE technology at theatres
PVR Cinemas launched its premium ICE THEATERS auditoriums in two Indian cinemas on Friday, with further plans to expand to Bengaluru and Mumbai in the coming months.
About expansion ambitions, Bijli remarked that in terms of displays, “we plan to add 100 screens per year but post-merger, additional new screens would be added”
The company has teamed with French Exhibitor GCR CINEMAS for ICE (Immersive Cinema Experience), a technology that gives the audience a sensory watching experience.
This includes LED displays on each side of the auditorium to augment the action on the main screen by filling the audience’s peripheral vision with supplemental ambient colors and shapes.
The screens on each side of the auditorium create a beautiful visual scene with dynamic shapes and colors, and the audience can view movies in total immersion with 4K Projection and a 3D Dolby Atmos sound system.
PVR and Inox Leisure announced their merger on March 27, which was accepted by their respective shareholders, creditors, and key bourses NSE and BSE
Jocelyn Bouyssy, Managing Director of ICE THEATERS, stated that the company has an exclusive arrangement for the technology in the Indian market. He said, “This relationship not only allows us to reach new consumers, but it also allows us to spread our immersive experience to the Indian filmmaking sector and tackle Bollywood movie post-production, with the promise of delivering 20 Indian titles per year in ICE IMMERSIVE format.”
