India’s largest multiplex chain PVR, INOX Leisure announce merger
Highlight
- India’s two largest multiplex chains, PVR and Inox Leisure announced the merger.
- Both the companies said that the rise of OTT streaming platforms was a major role in the consolidation.
- PVR works on 871 screens in India, and 675 screens in INOX; After the merger they will have 1500 screens.
India’s two largest multiplex chains, PVR and Inox Leisure, on Sunday announced the merger.
A joint statement released by the two series indicated that the rise of over-the-top (OTT) streaming platforms was a major factor in the consolidation.
“While persevering in the face of adversity resulting from the arrival of the various” OTT Platform And post-pandemic impact, the combined entity will also work towards taking the world-class cinema experience closer to consumers in Tier 2 and 3 markets,” the joint statement said.
The statement also said that PVR currently has 871 screens in the country, and INOX has 675 screens, making them the top two players in the multiplex market in the country. Together these companies will work on more than 1500 screens.
I
New theaters open The merger will be called PVR INOX, the companies added in the statement. “The combined entity will be named as PVR INOX Ltd. The existing screens will continue to be branded as INOX and PVR respectively. The new cinemas opened after the merger will be branded as PVR INOX,” the companies said.
After the merger, Ajay Bijli will be appointed as Managing Director and Sanjeev Kumar as Executive Director. Pawan Kumar Jain will be appointed as the non-executive chairman of the board.
“The amalgamation is subject to the approval of the shareholders of INOX and PVR respectively, stock exchanges, SEBI and such other regulatory approvals. Upon obtaining all approvals, when the merger becomes effective, INOX will amalgamate with PVR. Shareholders will receive shares of PVR in exchange for shares in INOX in an approved share exchange (“Swap”) ratio,” the statement read.
The companies further added, “This combination will augurs well for the growth of the Indian cinema exhibition industry, besides ensuring tremendous value creation for all stakeholders including customers, real estate developers, content producers, technology service providers, state exchequer and above all.” Will do, employee.”
Read also | PVR Cinemas reopens cinemas in Maharashtra
Read also | Srinagar: Open-air theater inaugurated for the first time over Dal Lake