PVR Inox Ltd

PVR Limited (PVR) is India's largest multiplex player in India operating 1680 screens across 361 properties. The Company offers a diversified and premium cinema viewing experience through its formats, including PVR Director's Cut', ICE', PVR LUXE', PVR IMAX', PVR P[XL]', PVR Playhouse', PVR 4DX', PVR Onyx', PVR Cinemas', and pursuant to the merger with INOX Leisure ltd Insignia', Kiddles', Club', MX4D', BIGPIX' and ScreenX'. The Company exhibits a variety of content to cater to the various customer segments in India. Apart from box office revenues, it generates revenue from non-box office sources such as food and beverage sales, advertisement revenue, convenience fees, and income from movie production/ distribution. The company operates a film distribution and production business through their subsidiary, PVR Pictures, which acquires and distributes Indian and international films. PVR Ltd was incorporated on April 26, 1995 as Priya Village Roadshow Ltd, pursuant to a Joint Venture Agreement between Priya Exhibitors Pvt Ltd and Village Roadshow Ltd. The Company established the first Multiplex Cinema in India, PVR Anupam, in Saket, New Delhi in June 1997 and they computerized box office operations by selling computerized tickets. In January 2000, the Company commenced single-screen cinema PVR Priya at Vasant Vihar, New Delhi. In April 2001, the Company opened a four-screen Multiplex Cinema, PVR Naraina in New Delhi and in November 2002, they opened a three-screen Multiplex Cinema, PVR Vikaspuri in New Delhi. In the year 2002, as a part of disinvestment, Village Roadshow Ltd sold their entire shareholding to Priya Exhibitors Private Ltd. Hence, the company changed their name from Priya Village Roadshow Ltd to PVR Ltd with effect from June 28, 2002. In March 2003, the India Advantage Fund-I managed by ICICI Venture Funds Management Company Ltd, invested Rs. 380 million in the company by acquiring 38.45% stake by way of purchase of equity shares from BIPL. In May 2003, the Company opened a seven-screen Multiplex Cinema, PVR Gurgaon at the Metropolitan mall, Gurgaon, Haryana. In the year 2004, they opened India's largest Multiplex Cinema, PVR Bangalore, with eleven screens at the Forum mall, Koramangla, Bangalore. In May 2004, the Company opened PVR Plaza, a single-screen cinema with a heritage ambience at Connaught Place, New Delhi and in November 2004, they commenced operations at the first multiplex under the management fees/franchise model - PVR SRS, a three screen Multiplex Cinema at SRS mall, Faridabad, Haryana. In March 2005, the company opened their Multiplex Cinema, PVR EDM, a three-screen cinema at East Delhi Mall, Uttar Pradesh. During the year 2005-06, the company commenced operations at three new multiplex projects namely PVR Punjagutta - Hyderabad, PVR Rivoli - Delhi and Spice PVR - Noida. They also commenced operations at five new multiplex properties at Mumbai, Indore, Lucknow and Gurgaon. PVR Pictures Ltd became 100% subsidiary of the company during the year. During the year, the company made an initial public offering of 7,700,000 equity shares, comprising a fresh issue of 5,700,000 equity shares by the company and an offer for sale of 2,000,000 equity shares by The Western India Trustee and Executor Company Ltd. In January 4, 2006, the company's shares were listed on the National Stock Exchange and the Bombay Stock Exchange. During the year 2006-07, the company commenced commercial operations form seven new multiplex projects namely, PVR Juhu, Mumbai; PVR Indore, PVR Lucknow, PVR Mulund, Mumbai, PVR Sahara Mall, Gurgaon, PVR Talkies, Aurangabad and PVR Talkies, Latur, Also, they acquired the entire shareholding of Sunrise Infotainment Pvt Ltd thereby making it as a wholly owned subsidiary company. During the year, the company launched a new brand of cinema called 'PVR Talkies' to cater the demand of the cinema viewing public in class B & C cities at a lower price range for an enhanced movie viewing experience. They opened their PVR Talkies multiplexes at Aurangabad. The company entered into the business of Food Court by launching its first outlet at Sahara Mall, Gurgaon, Haryana by the name of 'PVR Food Union'. During the year 2007-08, the company commenced operations at four new multiplex projects, thereby adding 16 new screens under operation. The company operates film distribution and production business through its subsidiary, PVR Pictures. is involved in production of Hindi films and distribution of Indian and international films. 'Taare Zameen Par' and 'Jaane Tu ya Jaane na' the first two co-production movies of PVR Pictures, released during the year. During the year, the company introduced PVR Premiere brand with their first cinema at Select Citywalk Mall in Delhi. The company signed an MoU with Gyan Enterprises Pvt Ltd to enter in to a joint venture through a special purpose vehicle namely Lite Bite Foods Pvt Ltd for the purpose of running, managing and operating Food Courts, Restaurants, Pubs, Coffee Shops etc. In March 28, 2008, the company incorporated PVR bluO Entertainment Ltd as a subsidiary of the company pursuant to the joint venture with Major Cineplex Group, for carrying out the activities of setting-up and running Bowling Alleys, Karaoke Centers and Ice Skating Rinks across India. During the year 2008-09, the company and their subsidiaries started commercial operations at Ambience Mall, Ambience Food Court, Chandigarh, Phoenix Mills Limited, Mumbai and Oberoi Malls, Mumbai. In May 2008, Sunrise Infotainment Pvt Ltd opened their multiplex and in December 26, 2008, C R Retail Malls (India) Pvt Ltd opened a multiplex in Mumbai. PVR Pictures Ltd, the wholly owned subsidiary company co-produced a movie namely 'Jaane Tu Ya Jaane Na' with Amir Khan Production Pvt Ltd. In March 12, 2009, PVR bluO opened their first and India's largest 24 lane Bowling Centre with the brand name of 'blu-O' located at prestigious Ambience Mall in Gurgaon. The company filed a scheme of amalgamation entailing merger of Sunrise Infotainment Pvt Ltd, a subsidiary company with the company with the appointed date April 01, 2008 and the Hon'ble Delhi High Court approved the merger on August 4, 2009. During the year 2009-10, In order to grow the business of the company added 28 screens at 5 locations i.e. Raipur, Allahabad, Ghaziabad, Chennai and Ahmedabad. The company added 19 screens at 3 locations i.e. Chennai, Ahmedabad and Lucknow in 2010-11. During the year 2013-14, the company approved the composite scheme of amalgamation entailing merger of Cinemax India Ltd, its five wholly owned subsidiaries namely Vista Entertainment Ltd, Nikmo Entertainment Ltd, Growel Entertainment Ltd, Cinemax Motion Pictures Ltd and Odeon Shrine Multiplex Ltd along with Cine Hospitality Pvt Ltd a whooly owned subsidiary of PVR Ltd. During the year 2014-15, the company has opened 9 new properties with 50 screens and currently operates a network of 474 screens spread over 106 properties in 43 cities across the country. On 9 June 2015, PVR entered into definitive agreements to acquire the cinema exhibition business of DLF Utilities Limited, which is operated under the brand name of DT Cinemas, on a slump sale basis for an aggregate consideration of approximately Rs. 500 Crores. DT Cinemas (DT) operates 29 screens with approximately 6,000 seats across 8 properties in the National Capital Region and Chandigarh. During FY 2015, the Directors of the company in order to optimize group legal entity structure and ensure greater alignment with the business and to achieve operational synergies, have approved merger of PVR Leisure Limited (a Wholly-Owned Subsidiary of the Company) and Lettuce Entertain You Limited (a Wholly-Owned Subsidiary of PVR Leisure Ltd.), Transferor Companies with PVR Limited, Transferee Company w.e.f. the appointed date 1 April 2015 subject to the approvals to be obtained from members, creditors and Hon'ble Delhi High Court besides other regulatory authorities. On 25 March 2015, the Company executed Shareholders Agreement for the acquisition of 70% equity share capital of Zea Maize (P) Ltd., which runs the Delhi based popcorn Chain 4700 BC Popcorn' for a consideration of about Rs. 5 crores to serve its gourmet popcorn to around 35 PVR Cinemas & later its services will be extended to Company's other Cinemas in Tier 1 cities. During the year 2016, the company opened 8 new properties with 52 screens. During the year 2017, the company added 65 screens. The company has on 9 August 2016 incorporated PVR Lanka Limited for setting up of multiplexes in Sri Lanka. The company has invested USD 59,993 for subscription of 91,249 shares of LKR 100/- each of PVR Lanka Limited on 18 May 2016. The Hon'ble Delhi High Court approved the merger of Bijli Holdings Private Limited with the Company vide Order dated 2 September 2016 and merger of PVR Leisure Limited and Lettuce Entertain You Limited with the Company effective from 1 April 2015 vide Order dated 19 October 2016. In FY17, PVR in partnership with HP, launched Asia's first Virtual Reality (VR) lounge at PVR ECX, Mall of India, Noida. As on March 31, 2018, PVR had three subsidiary companies namely PVR Pictures Limited, PVR Lanka Limited and Zea Maize Private Limited. During the year 2018, Company has sold out its subsidiary PVR bluO Entertainment Limited for a value of Rs. 86 crores and received consideration against its 51% shareholdings. The Board of Directors in its meeting held on August 12, 2018, acquired 71.69% equity shares in SPI Cinemas Private Limited (SPI), through issue of 1,599,974 equity shares of the Company to SPI shareholders in the ratio of 1:18.19 equity shares in the Company, and pursuant to this, proposed Scheme of Amalgamation was completed by the Company on August 17, 2018. The National Company Law Tribunal at New Delhi vide its Order dated August 23, 2019 has approved the Scheme of Amalgamation between the Company, SPI Cinemas Private Limited (SPI) and their respective shareholders and creditors, effective from the appointed date, August 17, 2018. With effect from appointed date and upon the Scheme becoming effective, entire business of SPI has been transferred to and vested in the Company, as a going concern. During year 2019-20, PVR Middle East FZ LLC, a wholly-owned subsidiary of the Company, was dissolved effective on January 30, 2020. In January 2023, the merger of erstwhile INOX Leisure Limited (Transferor Company) with PVR Limited (Transferee Company) through the Scheme of Amalgamation was made effective from February 6, 2023. Consequent to the merger, the entity was renamed PVR INOX Limited with effect from April 20, 2023. In 2022-23, the Company launched Bento Boxes at Luxe, accompanied by premium desserts, coffee, and the delectable Magic Wok Pan-Asian cuisine.