Stock Groups

India’s largest multiplex operators to merge, creating cinema giant -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO : An employee wearing protective gear uses disinfectant in an empty PVR multiplex after it was closed due to the outbreak of coronavirus disease, COVID-19. It is located in New Delhi (India), July 31, 2020. REUTERS/Adnan Abidi/File Photo

NEW DELHI (Reuters), India’s top two multiplex operators announced Sunday that they were merging to create a massive cinema company with over 1,500 screens in 109 Indian cities. The move comes as the entertainment market recovers following the COVID-19 pandemic.

PVR Leisure and INOX Leisure both stated the merger is subject to regulatory approvals and would enable them to increase efficiency, expand their markets, and optimize cost.

Ajay Bijili (PVR Chairman) stated in a press statement that “the film exhibition sector was among the most severely affected sectors due to the pandemic.”

Over-the top, or OTT platforms, such as Netflix (NASDAQ) and Amazon (NASDAQ:), have deep roots in India. The pandemic decimated a film sector that is known for singing-and-dance performances, which was watched by many millions.

PVR, India’s biggest multiplex chain with over 850 screens is followed closely by INOX Leisure which has approximately 650 screens.

After a 2-year period in which many theatres were closed because of COVID-19 restrictions, the merger was completed.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]