PVR looks for acquisition opportunities, plans 100 more screens1 min read . Updated: 26 Jan 2017, 11:08 AM IST
Last year, PVR acquired 32 screens of DT cinemas from realty major DLF for a total consideration of Rs433 crore
New Delhi: Multiplex chain operator PVR, which acquired DT Cinemas last year, is scouting for more acquisition opportunities as it plans to add over 100 more screens by the end of next fiscal.
“We are always looking out for more inorganic opportunities and acquisitions. We plan to add 30 more screens by the end of this financial year and another 70-80 screens in the next fiscal," PVR joint managing director Sanjeev Kumar Bijli told PTI.
Last year, PVR acquired 32 screens of DT cinemas from realty major DLF for a total consideration of Rs433 crore. PVR at present operates 562 screens in 122 properties in 48 cities in India. When asked if there are companies available to acquire, he said: “There is stuff available...We are evaluating what is the right fit for us."
Meanwhile, diversified company SRS Ltd has said it is in talks with multiplex operators and private equity players to sell its cinema business. SRS Cinemas operates over 50 screens in over 15 cities in the country.
Recently, private equity player Warburg Pincus acquired about 14% stake in PVR for about Rs820 crore. Warburg Pincus acquired 9% stake affiliates of private equity firm Multiples and 5% from promoters of PVR. Asked if the company has fresh plans for fund raising to support its expansion plans, Bijli said: “No, we will fund expansion from internal accruals."