India’s largest real estate firm DLF has in a statement to the Bombay Stock Exchange (BSE) said that it has sold its seven remaining cinema screens in Delhi under its cinema exhibition business to Mexican movie theatre chain Cinepolis for Rs 63.67 crore.
According to a ANI report: Out of the seven cinema screens, six are in Saket while one is in Greater Kailash II.
The company had earlier sold 32 screens to PVR for Rs. 433 crore after the Competition Commission of India (CCI) approved of the deal.
“With the closure of this transaction, the company will exit from the cinema exhibition business. This is in line with the company’s strategy to focus on its core business and divest non-core businesses or assets,” added the statement.
DLF has been selling its non-core assets over the last few years to pay off its debt that had reached up to Rs 23,000 crore.
In 2013-14, it achieved non-core sales of Rs 5,930 crore by selling its wind energy business, insurance business and luxury hotel chain Aman resorts.
In 2012, it sold a 17-acre land parcel in central Mumbai’s Lower Parel area for Rs 2,727 crore to Lodha Group. Its net debt at the end of June 2016 stood at Rs 22,487 crore, up by Rs 285 crore over the previous quarter.
The Indian movie exhibition market is currently dominated by four companies. PVR owns the maximum number of screens at 516, followed by Inox Leisure Ltd at 420 and Carnival Cinemas at 341.