20% PVR screens will soon be in luxury formats, CFO News, ETCFO

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The leading PVR movie operator plans to add more screens in deluxe formats and aims to have 20% of its total screens in this category in the near future, a senior company official said. Calling luxury formats more experiential in nature, PVR co-CEO Sanjeev Kumar Bijli said it was the need of the times for people to come out of their homes to watch movies in cinemas after the pandemic. .

“PVR currently has 12% of its total screen portfolio allocated to luxury screen formats. We aim to increase this screen portfolio share to 20% as we open new theaters in the near future,” said Bijli said.

PVR, in line with its strategy to grow the luxury screen format, announced on Friday that it has signed an agreement with real estate company M3M India to set up an eight-screen multiplex on 65th Avenue, a proposed sale luxury retail in South Gurugram.

“Our eight-screen multiplex at 65th Avenue in M3M India will also host luxury formats such as LUXE, 4DX and a premium P[XL] auditorium with an extra-large screen,” added Bijli.

M3M India 65th Avenue is one of the most luxurious commercial properties, located near M3M Golfestate and Trump Towers on the main golf course road in South Gurugram.

Pankaj Bansal, Director of M3M India, said, “PVR has defined the luxury multiplex experience for moviegoers in India. It has become synonymous with moviegoers. We are delighted to partner with PVR and welcome them to 65th Avenue at M3M India. Avenue was conceptualized as an upscale experience and association with top brands gave 65th Avenue its niche position.”

PVR currently operates a cinema circuit comprising 860 screens at 179 properties in 73 cities in India and Sri Lanka.

It offers several formats in the premium screen category, which includes Director’s Cut, LUXE, Sapphire, IMAX, 4DX, P[XL]Playhouse and PVR Onyx across the country.

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