PVR , India’s leading multiplex operator, has closed a deal to acquire real estate company DLF’s cinema exhibition business, branded DT Cinemas , with fewer screens than originally planned.
Source: Economic TimesThe acquisition, which was announced in June last year, was scrutinised by the Competition Commission of India ( CCI ), which gave its conditional approval last month.
PVR closed the deal for Rs 433 crore, and will take over operations of 32 screens of DT Cinemas from June 1, the company said. Initially, the deal was for 39 screens valued at Rs 500 crore. DT Cinemas operates in the National Capital Region and Chandigarh .
The CCI approved the deal with the condition that it will not include two properties of DT Cinemas in Delhi — DT Savitri (one screen) and DT Saket (six screens).