PVR To Open First Screen In Sri Lanka In 2 Years
PVR To Open First Screen In Sri Lanka In 2 Years

Leading multiplex operator PVR is scouting overseas destinations for expansion and plans to open its first project in Sri Lanka in next two years. Besides Sri Lanka, the Gurgaon-based firm is also looking for other neighbouring countries like Myanmar and other emerging markets for its overseas expansion.

PVR Chairman and Managing Director Ajay Bijli said “We are opening in Sri Lanka, its not a massive foray but it’s still outside the shores of India. We are opening there in 24 months. Two properties are there in Colombo. Company is studying other global film exhibition markets presently and will decide entering a particular geography only after it finds that PVR will have differential offering and experience and add value to it. We are looking at some other countries but again I would say that we really want to examine and study the country before we enter. It would be great learning for us to bring some of the best practices into our luxury cinema format, which we want to expand in India. It is a small stake but huge R&D and learning. The way movies are made today, 60 per cent revenue come from theatrical, we think that it’s a very short term strategy to bypass the theatrical window and straight away move to other platforms.

Recently, PVR had announced the acquisition of a minority stake in US-based luxury restaurant and theatre company iPic Gold Class Entertainment, a move that will give PVR exposure in the US market.

PVR, which currently operates 600 screens in 51 cities in the domestic market, is aiming to have an annual foot fall of 100 million in next two years and to have around 1,000 screens by 2022.

PVR Chief of Strategy PVR Kamal Gianchandani said "We are confident that we will find the solution which is acceptable and practical for all stakeholders”.

 
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