Two of India’s top three multiplex operators PVR and Inox Leisure are to merge creating a clear market leader in the sector. Inox shareholders will receive three new PVR shares for every ten Inox S…
Inox shareholders will receive three new PVR shares for every ten Inox Shares they currently hold – there is no cash component or cash alternative – but the founding families will gain equal representation on the new board of directors at the new PVR Inox Limited.
With PVR currently operating 871 screens at 181 properties in 73 cities and INOX operating 675 screens at 160 venues in 72 cities, the combined entity will become the largest film exhibition company in India operating 1546 screens across 341 properties across 109 cities. PVR’s MD and chairman, Bijli acknowledged as much. “The film exhibition sector has been one of the worst impacted sectors on account of the pandemic and creating scale to achieve efficiencies is critical for the long term survival of the business and fight the onslaught of digital OTT platforms,“ he said in a statement.
India’s cinema exhibition industry has been painfully slow to evolve. A decade ago consultants and the operators themselves were forecasting tens thousands of new screens coming on stream each year. But the sclerotic nature of India’s property sector has kept new multiplex developments, which are mostly in shopping malls, at a much slower pace.
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