Multiplex chain operator PVR is planning to invest up to Rs 400 crore over the next three years to set up 250 screens across the country. The expansion would be funded through a mixture of debt, equity and internal accruals.
The company on Thursday launched its premium multiplex brand, called 'PVR Premiere'. Targeting consumers in metros, PVR aims to have 30-40 screens under this brand by 2010.
PVR Premiere is projected to account for 15-20 per cent of the company's revenues. Six properties have been selected in Mumbai, Bangalore, Gurgaon and Kolkata for the new concept.
Ajay Bijli, CMD, PVR said that 30 cities had been identified for PVR's expansion plans. PVR Talkies, with a cheaper price point for tickets, would be expanded in tier-II and-III
The company has 89 screens in 24 multiplexes across 14 cities in the country. It is adding 31 screens in this financial year, with a total seating capacity of 8,000.
The subsidiary PVR Pictures, which is into film production, would look for funding at the subsidiary level. "Private equity investment could be an option, but it is premature to discuss it now," Bijli added. PVR Pictures has invested Rs 25 crore in two movies produced by Aamir Khan.
PVR is also open to venturing overseas for opening multiplexes and film production.
"We are open to joint ventures. But no one has approached us till now," said Pramod Arora, president and chief executive officer, PVR.
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