MUMBAI: Imax Corporation and India’s PVR Cinemas have inked an agreement to install digital Imax theatre systems in four key locations across India.
Under the terms of the sales deal, which is subject to standard Indian regulatory approvals, the first two systems are scheduled to be installed within the next 12 months at two of multiplexes in Mumbai and Bangalore.
Additionally, PVR will also invest Rs 1 billion (Rs 100 crore) in 2011-12 to set up up to 80 new screens across India.
"There is a growing appetite for premium entertainment in India, and with the massive popularity of the Imax brand worldwide, it has become very clear to us that now is the ideal time for us to enter into the Imax business. Imax is one of the world’s most recognized premium entertainment brands and it fits perfectly with our mission to offer our guests the ultimate in movie-going experiences," said PVR chairman Ajay Bijli.
"India has a vibrant movie-going culture, and it is one of our most important and largely untapped growth markets. PVR Cinemas is a top-performing exhibitor with a very strong brand, and we believe our association with them will raise the visibility of our own brand with consumers and of our business model with other exhibitors in the market," said Imax CEO Richard L. Gelfond.
"PVR is considered a market-leading trend-setter throughout the Indian exhibition industry. Its endorsement of the Imax business is very encouraging as we focus on growth in the region, and we’re very much looking forward to working with them to bring awe-inspiring entertainment to more moviegoers in India," added Imax executive vice president, theatre development Larry T. O’Reilly.
Imax’s digital projection system delivers The Imax Experience and helps drive profitability for studios, exhibitors and Imax theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on Imax screens. The system can run both Imax and Imax 3D presentations.