PVR Cinemas to invest Rs 400 crore

PVR Cinemas that raised funds worth Rs 150 crore via the recent IPO will be investing around Rs 400 crore in the next few years, to take its total screen count to 200. At present, it operates 50 screens across the country.

Addressing the media, Sanjeev Kumar Bijli, executive director, PVR Ltd, said, "The multiplex business is growing and we plan to increase the total number of screens that we operate to 75 by the end of this fiscal and 200 in the next two-and-a-half years. Some of the cities that have been lined up in this regard are Chennai, Ludhiana, Mumbai, Delhi, Lucknow and Amritsar."

PVR Cinemas launched its operations in Hyderabad with five screens, of which three are currently operational. The design of the multiplex has been done by London-based Jestico & Whiles.

The tickets have been priced at Rs 90 each and according to Bijli, "these are rightly priced as there is more that the multiplex is offering in terms of comfort, security and service." The company plans to end this year with revenues of Rs 110 crore.