Mumbai: PVR Pictures Limited has signed agreements with ICICI Venture Funds Management and JPMorgan Global Special Opportunities Group for the investment of Rs 1.2 billion in the company.

PVR Pictures is a film production and distribution company that is exploring and developing significant expansion plans. Its parent company PVR Limited is listed on the BSE and NSE. JPMorgan and ICICI Venture will each invest Rs 600 million in PVR Pictures.

This is one of the most significant private equity investments in the Indian film and entertainment sector in recent years. It demonstrates the strong confidence ICICI Venture and JPMorgan have in the company’s sound business model, management expertise and the prospects of the industry.

Commenting on the transaction PVR managing director Ajay Bijli said, "We are confident that this equity partnership will help us rapidly realize our ambition of making PVR Pictures one of the leading companies in the content production and distribution space in Indian market."

This transaction will enable the parent, PVR Limited, to become a fully integrated film and entertainment company with interests across the entire value chain including production, distribution and exhibition. It will also help to make PVR Pictures a significant player in the content space.