PVR to buy 69% stake in Cinemax
PVR would acquire 69.3% stake in Cinemax India for an amount of Rs 395 crore in order to expand its business in India. Cinemax is owned by Kanakia Group.
- The acquisition would make PVR the largest multiplex chain in India.
- Priya Village Roadshow (PVR) Cinemas
- Began as a joint venture agreement b/w Priya Exhibitors Private Limited and Village Roadshow Limited in 1995 with 60:40 ratio
- Commenced its commercial operations in June 1997 with the launch of PVR Anupam in Saket
- PVR Anupam in Saket, South Delhi, was India’s first multiplex
- Introduced the multiplex concept in India