“Both companies already had a pipeline and some projects are under fit-out. Put together, we’re looking at 158-170 screen opening this financial year, and a similar number every year, which will entail an investment of ₹500-550 crore," Ajay Bijli, managing director, PVR Ltd, said in an interview.
The balance sheets of both companies were completely battered during the 18 months of the covid shutdown, Bijli said. “The biggest rationale behind the merger was to make sure that the financial health of the two companies gets better. There was a crisis and within that, we found an opportunity to survive and make something positive out of it."
Bijli said the merger couldn’t have happened without the pandemic.
While PVR opened a few luxury properties after the pandemic, Bijli said premium cinemas make up 10-15% of its portfolio. “In a country like India, you have to make your brand aspirational as well as accessible. If you make it inaccessible, you’re doing a disservice to the demographics you’re targeting. We want as many people as possible to walk through the doors and therefore, affordability of ticket is very important to us."
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