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PVR to acquire DT Cinemas for Rs 500 Cr
MUMBAI: Multiplex major PVR Ltd is acquiring DT Cinemas for Rs 500 crore (Rs 5 billion).
The board of the multiplex company has approved the exhibition of DLF Utilities Ltd, the holding company of DT Cinemas.
Accordingly, PVR has executed definitive agreements with DLF Utilities to acquire its cinema exhibition business on slump sale basis for an aggregate consideration of approximately Rs 500 crore.
As a result of the proposed acquisition, PVR will have a presence in 44 cities with 115 multiplexes and 506 screens.
PVR CMD Ajay Bijli said, “It has been our strategy to expand our film exhibition business both organically and inorganically over the years. This acquisition is in pursuance of our core strategy to offer a world class cinema experience to the discerning Indian consumer.”
DLF Rental business CEO Sriram khattar added, “We are pleased to sell DT Cinemas to PVR which is a high quality provider of cinema experience. Combining our unrelenting focus on providing a wholesome experience at our malls with PVR’s deep knowledge of the cinema business, we continue to enhance our best in class offerings for the customers. “
DT Cinemas currently operates 29 screens with approximately 6,000 seats across 8 properties in the National Capital Region and Chandigarh. In the next 12 months, DT Cinemas proposes to add 10 new screens at two properties in the NCR.
PVR currently has 467 screens across 105 locations in 43 cities.
Shardul Amarchand Mangaldas & Co. was the legal advisor to PVR and EY India and Luthra & Luthra were financial and legal advisors respectively to DLF.