PVR Hunts For Acquisition Opportunities, Eyes 100 More Screens
Warbug Pincus had acquired 14 percent stake in PVR recently.
Multiplex chain operator PVR Ltd., which acquired DT Cinemas last year, is scouting for more acquisition opportunities as it plans to add over 100 more screens by the end of next fiscal.
“We are always looking out for more inorganic opportunities and acquisitions. We plan to add 30 more screens by the end of this financial year and another 70-80 screens in the next fiscal,” Joint Managing Director Sanjeev Kumar Bijli told PTI.
Last year, PVR acquired 32 screens of DT cinemas from realty major DLF for a total consideration of Rs 433 crore.
PVR at present operates 562 screens in 122 properties in 48 cities in India.
When asked if there are companies available to acquire, he said, “There is stuff available. We are evaluating what is the right fit for us.”
Meanwhile, diversified company SRS Ltd. has said it is in talks with multiplex operators and private equity players to sell its cinema business.
SRS Cinemas operates over 50 screens in over 15 cities in the country.
Recently, private equity player Warburg Pincus acquired about 14 percent stake in PVR for about Rs 820 crore.
Warburg Pincus acquired 9 percent stake from private equity firm Multiples and 5 percent from promoters of PVR.
Asked if the company has fresh plans for fund raising to support its expansion plans, Bijli said: “We will fund expansion from internal accruals.”