PVR to invest Rs 250 cr in biz expansion

NEW DELHI : With the standoff between multiplexes and production houses over, PVR���s expansion plans are back on track. The multiplex major plans to invest about Rs 250 crore in the next 18 months to expand its exhibition, movie production and bowling businesses . But the company has postponed plans to expand its food court business started in collaboration with Amit Burman���s Gyan Enterprises.

PVR managing director Ajay Bijli said the company plans to invest about Rs 150 crore in the movie exhibition business alone. The firm will add about 57 screens across 10 properties and it will have 165 screens, compared to the current 108, by the end of this fiscal. Another Rs 100 crore would be spent on movie production and bowling alleys brand Blu-O-Rhythm & Bowl.

PVR���s expansion plans would be funded by the capital earlier raised from private equity players and through debt and equity dilution, which could be in the form of preferential shares, in the future. JP Morgan Mauritius Holding IV and ICICI Venture Funds Management Company had invested Rs 120 crore in the company���s film arm PVR Pictures last year.