PVR Acquires DT Cinemas

PVR Limited announced that pursuant to the order passed by the Competition Commission of India (CCI), under Section 31(7) of the Competition Act, 2002, the company on May 30, 2016 executed an amendment agreement with DLF Utilities Limited (DUL) for acquisition of the cinema exhibition business of DUL (which is operated under the brand name of DT Cinemas) on a slump sale basis for a revised consideration of Rs. 433 crores. Further to the above amendment agreements, the company has completed the sale and transfer of DT cinemas on May 31, 2016. With this addition PVR has now acquired 32 screens (29 operational & 3 upcoming) of DUL in National Capital Region and Chandigarh. This would exclude DT Savitri (1 screen) and DT Saket (6 screens) from the deal. Currently, PVR has 524 screens across 114 locations in 47 cities. As a result of the proposed acquisition, PVR will have a presence with 121 multiplexes and 553 screens. Commenting on the deal Mr Ajay Bijli, Chairman cum Managing Director, PVR Ltd said, “It is another milestone for us. This acquisition is in pursuance of our core strategy to offer a world class cinema experience to the discerning Indian consumer.”

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