"PVR and Inox Announce Plans to Open 150 Screens in the Next Fiscal, Investing Rs. 500 Crore"

In a strategic move to strengthen its presence, PVR Inox, the country's largest multiplex operator, is gearing up to open 150 screens in the upcoming fiscal year with a substantial investment of approximately Rs. 500 crore. Sanjeev Kumar Bijli, an Executive Director at PVR Inox, shared this exciting development during the inauguration of a six-screen luxury cinema at Maison Inox.

Currently operating 118 screens across 23 properties in Mumbai, PVR Inox has a robust national presence with a total of 1,711 screens at 359 properties across 114 cities, including its overseas property in Colombo. Bijli emphasized the company's plans to further expand its footprint, stating, "We are planning to add 150 more screens at an investment of around Rs. 500 crore next fiscal."

Discussing the recently inaugurated Maison Inox, Bijli highlighted the unique features of the luxury collection, mentioning that while a typical screen requires an investment of Rs. 5 crore, the per-screen cost for Maison Inox, with its luxury amenities and the first attached bar (Gatsby Bar), is around Rs. 7 crore.

In response to inquiries about overseas expansion, Bijli mentioned that PVR Inox has plans to add more screens in Sri Lanka exclusively, citing the country's positive market response despite challenges such as the civil war and financial difficulties. He expressed confidence in the Sri Lankan market, stating, "Given the response to our first screen in the capital of the island nation, we are planning to have more properties there. But we have no other overseas market in mind for expansion." This strategic decision reflects the company's focus on consolidating its presence in promising markets for sustained growth.

BS