New Delhi: He is uncomfortable being called the pioneer of the multiplex revolution in India, although, he kicked off the trend with the relaunch of Anupam cinema in the Capital as a four-screen film complex in 1997. “It happened by default,” says Ajay Bijli, chairman and managing director of PVR Ltd, the Rs350 crore film exhibitions company that builds and operates movie screens—108 at last count—in the country. Last year, PVR’s film distribution subsidiary PVR Pictures entered the production business when it made two decidedly successful films—Taare Zameen Par and Jaane Tu...Ya Jaane Na—with Aamir Khan.
Ajay Bijli, chairman and managing director, PVR Ltd. Madhu Kapparath / Mint
A few months ago, the 42-year-old half-marathon enthusiast (he’s currently training for the one coming up in Delhi) also launched Blu-O PVR, its retail entertainment wing that is setting up bowling alleys and skating rinks at select malls. The former rock band player, fitness freak and film buff spoke about his plans and passions. Edited excerpts:
There’s been no film from PVR Pictures for close to a year even though it got significant investment after the success of ‘Taare Zameen Par’ and ‘Jaane Tu…’
Yes, JPMorgan and ICICI Venture invested Rs120 crore in the subsidiary about eight months ago. We haven’t spent the money yet. We’ve been evaluating projects and waiting for creativity and commerce to fall in place. We have now done a two-picture deal with Abhay Deol. Abhay’s films are unique and he comes with Navdeep Singh, the director who made Manorama Six Feet Under. There’s also a two-film deal with Neeraj Pandey, the guy who did A Wednesday!
The plan is to do six-eight films in the financial year 2010-11. The truth is, it is very easy to get excited about a script or a project that comes your way. But we need to evaluate a project from both the budget and the creative point of view. At the end of the day, I have to make JPMorgan and ICICI Ventures, who own 40% in PVR Pictures, happy. For me to say yes, rather for us (my brother Sanjeev and the team) to say yes to something, a lot of things have to fall in place. We are new to the film production business. Exhibition is the backbone of the company.
But it is the exhibition business that showed losses in the first quarter this year.
The Rs10 crore loss is completely attributable to the strike (caused by a spat between multiplex operators and film producers). Out of the 90 days, we shut down the theatres for 44. Our occupancy level fell below 15%. It was quite a disaster.
So PVR Ltd will post a loss at the end of this financial year.