PVR Cinemas, which acquired DT Cinemas for about Rs. 500 crore earlier this month, is to open 60-70 additional screens during the current fiscal.
Speaking to Indiaretailing, Nitin Sood, Group Chief financial Officer and spokesperson, PVR, said, “We are targeting all parts of the country from Mysore, Pathankot, Chennai, Bokaro to Noida and also some suburbs of Mumbai. Wherever we see scope and growth opportunities, those will be our functional areas.”
Meanwhile, DT Cinemas’ 29 screens with about 6,000 seats across eight properties in the National Capital Region and Chandigarh will now be managed by PVR.
“Prime locations of the properties that DLF chose over the years have played a major contributing factor in the decision-making process. Plus they are regarded highly for offering a great amount of customer service and brand PVR has always focussed on premium locations with differentiated customer experience,” Sood added.
“The exhibition business of DLF is debt-free and the acquisition of these screens will also help us improve our margins. The mall properties where DT is located and also the 10 new screens where they have planned to run their cinema exhibition business were some other crucial factors in evaluating the deal. The new properties are expected to come up in Noida and Chanakyapuri and will be complete by the end of FY16.”
Sood also informed that PVR will take a minimum of 6-12 months for re-branding and re-modelling the DT Cinemas structure as the proposed transaction is subjected to statutory and regulatory approvals as per Indian Government.