PVR Cinemas-Inox Leisure Merger Latest News: In a surprise move India's largest movie theatre chain PVR Cinemas is merging with it's closest competitor Inox Leisure limited.
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The merger will be carried in a share exchange (“swap") ratio where 3 equity shares of PVR Cinemas will be swapped for 10 equity shares of INOX.
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Pavan Kumar Jain would be appointed as the non-executive chairman, while Ajay Bijli would be appointed as the MD and Sanjeev Kumar would be appointed as the executive director.
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PVR Cinemas and INOX Leisure Limited combined will create the largest chain of film theatres in India operating 1546 screens across 341 properties across 109 cities. Though the existing screens will not undergo any brand changes new cinemas opened post the merger will be christened PVR INOX.
Ajay Bijli stated, “This is a momentous occasion that brings together two companies with significantly complementary strengths. The partnership of these two brands will put consumers at the centre of its vision and deliver an unparalleled movie going experience to them. The film exhibition sector has been one of the worst impacted sectors on account of the pandemic and creating scale to achieve efficiencies is critical for the long-term survival of the business and fight the onslaught of digital OTT platforms.”