India’s largest multiplex chains PVR, INOX Leisure announce merger


Photo source: PTI (file)

India’s largest multiplex chain PVR has announced the merger of INOX Leisure

Highlights

  • India’s two largest multiplex chains, PVR and Inox Lizar, have announced a merger.
  • The emergence of the OTT streaming platform was a major factor in the merger, the two companies said.
  • PVR operates 871 screens in India, and 675 with Inox; Once integrated, they will have 1500 screens.

India’s two largest multiplex chains, PVR and Inox Lizar, announced the merger on Sunday.

A joint statement issued by the two chains indicates that the emergence of over-the-top (OTT) streaming platforms has played a major role in consolidating.

“When firmly confronted the apparent adversity by various appearances OTT platform And the aftermath of the epidemic, the combined entity will also work to bring the world-class cinema experience closer to customers in the Tier 2 and 3 markets, ”the joint statement said.

The statement further said that PVR currently holds 871 screens in the country and Inox has 675, making them the top two players in the multiplex market of their country. Together, the companies will operate on more than 1,500 screens.

New The cinema hall is open PVR will be called Enix after the merger, the companies added in the statement. “The merged entity will be named PVR INOX Limited and the existing screens will continue to be branded as INOX and PVR, respectively. After the merger, the new movies will be branded as PVR INOX,” the companies said.

After the merger, Ajay Bijli will be the managing director and Sanjeev Kumar will be the executive director. Pawan Kumar will be the non-executive chairman of the Jain Board.

“The merger is subject to the approval of the shareholders of INOX and PVR, respectively, and may require the approval of the stock exchange, SEBI and other such regulators. You will receive PVR shares in exchange for shares (“swap”), “the statement said.

The companies added, “This combination will be a good start for the growth of the Indian film industry, as well as ensuring tremendous value creation for consumers, real estate developers, content producers, technology service providers, the state treasury and above all stakeholders.”

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