PVR sells arm to JP Morgan and ICICI

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PVR, one of the country’s largest multiplex chains, has sold its stake worth Rs 120 crore in its production and distribution unit to JP Morgan Global Special Opportunities Group and ICICI Venture Funds Management Company.

Announcing this, Ajay Bijli, managing director, PVR, said: “The partnership will help us rapidly realise our ambition.”

According to the deal, JP Morgan and ICICI Venture will own Rs 60 crore stake each in PVR Pictures. However, according to the company, the money will not be used to fund expansion of the PVR chain.

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