PVR Will Launch 40 New Screens, Invest Rs 150 Crore; 1000 PVR Screens Will Run Movies By 2023!
Film entertainment company and multiplex major PVR has announced its plans to set up 40 more screens throughout the country in the next fiscal year. For this, the company will be investing as much as Rs. 150 crores for this project.
Read on to find out all the details about PVR’s new plans!
PVR To Open 40 Screens Across India; Will Invest Rs. 150 Crore
PVR had a target of operating 1000 operational screens, which has now been pushed due to the unexpected pandemic that hit the world, and the lockdown that followed thereafter. Now, PVR will be setting up 40 screens across the country and invest Rs. 150 crore for the same by the end of the fiscal year 2022-2023. This has also been confirmed by a top company official as well.
Sanjeev Kumar Bijli, Joint Managing Director, PVR Ltd., has said, “We had to push back our plan by exactly a year because of the pandemic … By the end of the financial year 2022-23, we should be able to reach 1,000 screens.”
The company has already added 9 new screens this week in Mysuru and Kanpur. Bijli has also stated that there will be a massive amount of films that will be released, in Indian and regional films and foreign language films. Also, the company is positive that the vaccination drive will also assure people to come and watch movies in the cinemas.
Bijli has said that the past few months have been up and down and not very exciting as no big Hindi movie was released. The launch of Hindi movies will begin from march 11.
As of now, PVR presents more than 844 screens at 177 properties in 71 cities (India and Sri Lanka).
PVR Looking At Acquisition Opportunities
The company is also positive about looking at acquisition opportunities for additional screens and the company is always looking at the options available.
The government has allowed the operations of cinema halls at full capacity from February 1, as long as they stick to the rules and regulations required to limit the spread of COVID-19 pandemic.
The multiplex is the industry that has been one of the industries which was heavily affected by the COVID-19 pandemic and the lockdown.
PVR has suffered a consolidated net loss of Rs. 49.10 crore in the third quarter that ended December 2020. The company had reported a net loss of Rs. 36.34 crore in the same quarter last fiscal year.