PVR Cinemas exploring expansion overseas

Country's leading multiplex chain, PVR Cinemas, is exploring options to expand its operations overseas by running theatres on management contracts, a top company official said today.

The New Delhi-based listed entity would be the second such media and entertainment player to enter the global market after Anil Ambani-led ADAG's Big Cinemas that operates screens in Malaysia and the US markets.

"We are exploring options to enter the international market. We might run a few theatres on management contracts. However, we still feel that there is a huge scope in the Indian market where the demography is changing every five miles," PVR's Group president Pramod Arora told PTI here.

He, however, did not divulge any further details on the same.

The company presently runs about 142 screens at 32 locations across 18 cities in India and plans to open another 80-100-screens in FY12 at an investment of Rs 100-120 crore, Arora said.

"We will be present in at least 27 cities by the end of this fiscal. By then, we will have around 242-screens. The new additions this year would be cities like Kolkata, Howrah Ranchi and Patna," Arora said.

On the growth story of Indian cinema and entertainment, Arora said that the cinema exhibition industry in India was growing at 10% per annum driven by multiplexes.