Multiplex chain PVR Ltd plans to invest between ₹100 crore and ₹150 crore in setting up properties in the coming year, despite the losses of the pandemic and the struggle of the cinema exhibition industry in getting back on to its feet.
The Ajay Bijli-led company, which has just opened a three-screen theatre in Kanpur and a six-screen property in Mysuru, has around 15 more cinemas that are fully capitalized and are just awaiting final licences.
“We should look at four to five properties this March and the remaining in the next calendar year,” said Sanjeev Kumar Bijli, joint managing director, PVR. The company also recently refitted a single-screen theatre in Lucknow.
“We have identified single screen cinemas across the country and are shortlisting those that are commensurate with the PVR brand aspiration. We intend to actively engage with passionate developers and cinema owners to recreate the legacy that they once enjoyed,” said Pramod Arora, chief growth and strategy officer at PVR.