'PVR Mulund' gets operating licence in Mumbai
New Delhi, June 7 (UNI) Strengthening its presence in Maharashtra, PVR Cinemas today announced the acquisition of the operating license for its latest property ''PVR Mulund'' in Mumbai, taking its screen count to 68 nationwide, the largest in the country. The multiplex is in accordance with the Entertainment Tax policy applicable in the state of Maharashtra, and will be eligible for 100 per cent entertainment tax-exemption for a period of five years.
'PVR Mulund', the largest multiplex in Mumbai with six screens and 1815 seats, will be PVR's second property in Mumbai.
The company, which also plans to open two more multiplexes in the heart of film industry in Mumbai, aims to have 250 cinema screens nationwide, in a few years time.
On the strategic move, PVR Ltd Chairman and MD Ajay Bijli said, ''With a leadership position in the Northern and Southern markets of the country, PVR aims to tap on the existing and the emerging potential of the western region.'' He added, ''PVR Mulund is our 2nd multiplex in Mumbai after opening a PVR Juhu in April 2006,'' which will cater to the growing urban population of Mulund, Thane and Powai, and said ''the company has already signed up various multiplex projects in key destinations to take its screen count to over 250 in a few years time.'' PVR Limited has recently entered the capital market with its Initial Public Offering to finance new cinema projects, expand film distribution business, technological upgradation and renovation of cinemas.
UNI VJ RA HT2052