DLF Group ends speculation; DT Cinemas not on the block

MUMBAI: Putting an end to speculations, the DLF Group, which owns DT Cinemas, has said that the company is not in negotiations with any company for a stake sale.

It may be recalled that in February this year, the deal between Delhi-based exhibition company PVR and DT Cinemas had fallen through as DLF failed to meet the deadline for fulfilling conditions required for the transaction to be completed.

Rumours have also been rife that the real estate company was now looking at selling DT Cinemas to Reliance Anil Dhirubhai Ambani Group (RADAG) company Reliance MediaWorks.

In a statement, the DLF Group said, "Contrary to market speculations, DLF management confirms that their cinema venture under the aegis of DT Cinemas shall be owned and operated in the foreseeable future as a DLF group company."

The PVR deal for DT Cinemas was valued at approximately Rs 500 million (RS 50 crore). However, a recent report by NDTV said DLF now valued the deal at Rs 1.25 billion (Rs 125 crore).

DT Cinemas currently owns 29 screens with 26 screens currently operational and another three screens expected to commence operations in the next six months in Delhi, Gurgaon and Chandigarh.

The multiplex chain also plans to have a pan India presence by spreading its footprints in cities like Mumbai, Bangalore, Calcutta, Hydrabad, Goa, Ludhiana and Noida.