Home Retail DLF hands over DT Cinemas business to PVR for Rs 500 crore

    DLF hands over DT Cinemas business to PVR for Rs 500 crore

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    , India’s largest multiplex chain, has agreed to buy the cinema exhibition business of , the country’s largest developer, for Rs 500 crore.

    With this acquisition, PVR will get control of over a quarter of the multiplex screens in the country as exhibitors try to increase their bargaining power with film producers and distributors and capture a bigger share of box office receipts in India’s Rs 9,200-crore movie industry.

    “The deal is in line with our strategy to focus on our core business and divest non-core businesses or assets,” , senior executive director at DLF, said in a statement.

    “It is also reflective of the value embedded in our core assets and demonstrates our commitment to increase shareholder value. It shall provide the management with a more focused approach for enhancing value, especially in our retail mall business.” he added.

    “This acquisition is in pursuance of our core strategy to offer a world-class cinema experience to the discerning Indian consumer,” said , chairman and managing director of PVR. The company had unsuccessfully bid for DT Cinemas in 2009.