Multiplex operator PVR Ltd today said it has sold bluO entertainment, its premium bowling and entertainment format, to Smaaash Entertainment for Rs 86 crore as part of strategy to focus on its core business of movies.
Gaming and entertainment company Smaaash Entertainment has acquired 100 per cent stake in bluO entertainment through a cash acquisition deal, said a joint statement.
BluO is a 51:49 joint venture between PVR and Thailand- based Major Cineplex Group.
"The total transaction cost is around Rs 86 crore," PVR CFO Nitin Sood told PTI.
He added: "The whole idea was it was a non-core business and we were not expanding it. We wanted to focus on our core cinema exhibition business and both PVR and Major decided to sell their entire equity."
PVR CMD Ajay Bijli said: "The sale of bluO is in line with our strategy to divest all non-core assets and focus on our core cinema exhibition business."
Smaaash Entertainment Chairman Shripal Morakhia said: "We are sure that bluO's premium locations, infrastructure and F&B offerings, coupled with Smaaash's leadership in innovation with new technology and virtual reality, will fill the much- needed gap for experiential entertainment in our country."
The newly acquired centres will operate under Smaaash branding and two more centres are expected to open shortly, it added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)