Bangalore, Dec 10: PVR Cinemas today firmed up an agreement with Bangalore based Forum of the Prestige Group to spread its wings in South with an initial project of ten multiplexes in Malls coming up in various cities with the total screens offered being 60..
PVR has already tied up with Forum offering Eleven screens at the Forum Mall.
Talking to newsmen here PVR Cinemas Vice President Sanjeev Kumar said the agreement signed today would cover setting up of 60 screens in ten malls to be built by the Prestige group in South over the next three years. They included three in Bangalore, one each in Chennai, Hyderabad, Kochi, Mangalore and Mysore. The Prestige Group was planning to set up 20 additional Malls all over the country within the next five years, its Chairman and Managing Director Irfan Razack said.
He said PVR would operate all the cineplex in Forum malls, including the new ones coming up at Whitefield and Shantiniketan Mr Razack said to fund these projects totally worth over Rs.3000 crore, the Group was planning to enter a 50:50 Joint ventureship with a foreign based mall Operator. Each of the project would be taken up as a special purpose vehicle he said adding that there might be possibility of an additional local partner in various cities with the equity being contributed in the form of land.
He said the Group had targeted a turnover of Rs.800 crore this year as against Rs.550 crore last fiscal. Besides its valuation has been estimated at Rs.6000 crore.
Mr Sanjeev Kumar said that PVR expected to invest around Rs.350 crore over the next three years and increase its screens to 250 from the existing 95.