Acquisitions & Mergers

PVR merger with Inox Leisure

By Admin - 18 Jan 2024 03:31 PM

PVR Pictures, a prominent multiplex operator, has merged with Inox Leisure to become PVR INOX Pictures. The multiplex chain operator had indicated a few days prior that it would be closing some of its screens due to accelerated depreciation on the theatres that were being considered for closure.

Following the merging of PVR and Inox Leisure, PVR Pictures is now known as PVR INOX Pictures.

Until the conclusion of FY23, the combined company will be running 361 theatres with 1,689 screens over 115 cities in Sri Lanka and India.

The PVR Group's film production and distribution division was known as PVR Pictures.

In a statement released on Wednesday, PVR INOX Pictures stated that it plans to raise its content acquisition expenditures for the Indian market and create more chances for independent artists and underrepresented storytellers.

"With a wider screen network, it will expand its programming and marketing capabilities and create highly innovative experiences, bringing significant value to its partners as well as to its customers," stated the statement.

In 2007, the business successfully debuted as a film producer with Taare Zameen Par and Jaane Tu Ya Jaane Na.

Following the merging of PVR Ltd and INOX Leisure, two well-known movie theatre brands, PVR-INOX Ltd was established. The merger went into effect on February 6, 2023.