Two of India's leading theatre chains, PVR Cinemas and Inox Leisure Limited have officially announced a merger and the two multiplex giants will now work together on their operations, going forward. The Board of Directors of both PVR Cinemas Limited and Inox Leisure Limited officially met and approved an all-stock amalgamation of Inox with PVR. The amalgamation is subject to the approval of the shareholders of Inox and PVR respectively, stock exchanges, SEBI, and such other regulatory approvals as may be required. Upon obtaining all approvals, when the merger becomes effective, Inox will merge with PVR. Shareholders of Inox will receive shares of PVR in exchange of shares in Inox at the approved share exchange ratio.
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Ajay Bijli has been appointed as the Managing Director (MD) of the merged entity, while Pavan Kumar Jain has been appointed as the Non-Executive Chairman of the board. As of now, PVR Cinemas is operating 871 screens across 181 branches in the country, while Inox is operating 675 screens across 160 properties. The merger will now make the combined entity, the largest film exhibition company in India, operating 1546 screens across 341 properties. PVR - INOX will now be the largest theatrical chain in India and this is surely a big development in the theatrical business.
This merger would result in the growth of the Indian cinema exhibition industry, besides ensuring tremendous value creation for all stakeholders, including customers, real estate developers, content producers, technology service providers, and others. This merger will also focus on using the strengths and main USPs of both the theatre organisations to provide better customer service and cinema experience to the Indian moviegoers. The PVR - Inox merger also focuses on expanding the business and opening new branches at tier 2 and 3 markets. The announcement of this merger has garnered wide attention on social media among the film goers.
INOX Leisure Limited and PVR Limited Announce Merger— INOX Leisure Ltd. (@INOXMovies) March 27, 2022
Merger to bring together two of India’s best cinema brands to deliver an unparalleled consumer experience with a network of more than 1500 screens #PressRelease @_PVRCinemas pic.twitter.com/H0LCm6T7MJ
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