PVR to invest Rs 100 cr next fiscal

Film exhibitor and distributor PVR today said it will invest Rs 100 crore through a mix of internal accruals and debt in the next fiscal to expand its movie screening network across India.

The company, which had earmarked Rs 100 crore for this fiscal, said it has invested up to Rs 40 crore till now.

The firm plans to add 60 screens during 2012-13.

Bijli said for the ongoing fiscal as well, PVR plans to add 60 new screens. The company has 158 screens at 36 locations in 26 cities across India.

PVR today introduced a new format of movie theatre called Director's Cut here, which is at the super-luxury end of the spectrum offering facilities such as cafe, restaurant, bar and lounge and book stores. The tickets are priced between Rs 650 and Rs 1,050.

"We plan to go slow on production and focus on distribution and exhibition only," Bijli said.

When asked if the company has similar plans to sell and leaseback other properties as it has done with the Phoenix Mills multiplex property in Mumbai for Rs 100 crore, he hinted one property in South Delhi could be considered.