pvr inox merger: Completion of PVR-Inox merger likely within this fiscal, says Ajay Bijli
According to reports, the combined entity will become India’s largest film exhibition company — with 1546 screens across 341 properties across 109 cities.
The combined entity would have 3,000 to 4,000 screens in five years, Bijli said. PVR currently runs 884 screens in 77 cities in India and Sri Lanka.
The merger was announced on March 27. It has gotten the nod from their respective shareholders, creditors as well as NSE and BSE.
Under the all-stock amalgamation deal, Inox will merge with PVR. The promoters of Inox will become co-promoters in the merged entity along with the existing promoters of PVR.
Talking about business expansion, Bijli said that in terms of screens, “we are adding 100 screens every year but post-merger, more new screens would be added”.
“We would add 200 to 250 screens every year and we are looking in the next five years maybe (as) 3,000 to 4,000 screens company,” he added.
Meanwhile, the Bombay Bench of the NCLT has posted the merger application case for a final hearing on January 12, 2023. All the regulatory authorities have already submitted their reports to the NCLT, reports said.
The two companies had sought the NCLT’s approval for the proposed merger.
Recently, the not-for-profit public policy and advocacy group CUTS moved the NCLAT against CCI order on the merger deal. In September, the CCI rejected CUTS’ complaint against the merger.
A two-member Bench adjourned the matter till February 9. PVR and Inox have also been made parties in the matter.
