PVR earmarks Rs 1.2 billion for expansion in 2010; enters Chennai with 7 screen multiplex


MUMBAI: Multiplex chain PVR has earmarked at sum of Rs 1.2 billion (Rs 120 crore) for its expansion plans across the country in 2010. Of this, the company will be setting aside Rs 500 million (Rs 50 crore) for South India over the next 18 months.

The company has also made its foray into the Chennai market with the launch of a seven screen property at Ampa City Walk. The multiplex has a seating capacity of 1794 seats and will provide digital movie experience to the Chennai audience. With this launch, PVR now has a total of 123 screens across 17 Indian cities. Tickets at the Chennai multiplex will be priced at Rs 120 each.

PVR Ltd. group president Pramod Arora said, "South is an important market for PVR and today’s launch in the capital city of Tamil Nadu – Chennai is a step in the right direction to accomplish our expansion plans. This is indeed a great way to begin a new financial year. We plan to invest about Rs 120 crores this year, and expand our presence across the country. For South India specifically we are looking at investing Rs 50 crores in the coming 18 months. We have very aggressive expansion plans for this year, not just in the multiplex space but also for PVR Pictures and bluO."

PVR Cinemas CEO Amitabh Vardhan added, "We are ecstatic about launching in Chennai, this city was on our expansion radar since long. This is our third multiplex in this region, after Bangalore and Hyderabad. It is our constant endeavour to reach out to movie lovers and provide them the best in entertainment. Keeping in line with our tradition of being the finest multiplex chain in India we are looking forward to provide Chennai filmgoers with an unmatched movie viewing experience."