PVR looks to invest Rs 2.8 billion in Entertainment City venture

MUMBAI: PVR, which recently announced its new venture – PVR Entertainment City – will be investing close to Rs 2.8 billion (Rs 280 crore) to develop the properties across five cities over the next couple of years.

As was earlier reported by Businessofcinema.com, the first venture under this will be launched in Noida in partnership with Logix Group. The PVR Entertainment City will be a part of the Logix shopping centre, which is being developed in Noida and will take 30 months to develop.

Speaking to Businessofcinema.com, PVR group president and CEO Pramod Arora says, "With Logix we have entered into revenue sharing agreements and plans are to enter similar agreements for the remaining centers. An estimated investment of $10 million will be pumped into the Noida venture by PVR along with its partners."

PVR will also be looking at setting up six Entertainment City jointly with its Thai partner Major Cineplex Group over the next three years in cities like in Hyderabad, Bangalore, Chandigarh, Pune and another location in NCR. "These may not be necessarily be in partnership with Logix. We have offers from various developers in the mentioned cities," Arora adds.