Following its recent reopening in the nation after the COVID19 lockdown, PVR Cinemas, India's largest and most premium film exhibition company unveiled PVR Sahu Lucknow's popular single-screen Sahu Cinema modernized with new-age amenities and launched its 3-screen property in Faridabad at Piyush Mahindra mall, Haryana, under its sub-brand "PVR UTSAV" today.
PVR Sahu is Located in Lucknow's heritage zone. Spreading across an area of 16,275 sq ft with a seating capacity 497 audiences; the newly opened theater also introduces the region's first BARCO 4K RGB+ laser projectors for an enhanced cinema viewing experience, in addition to the cutting-edge technologies like the Harkness Silver screens and Dolby Atmos surround sound system for an unparalleled experience.
PVR UTSAV on the other hand is envisioned to fit all pocket sizes and designed to offer a modern cinematic experience in tier II and tier III markets, catering to the growing need for cinema entertainment in the region. The 3-screen cinema spreads across an area of 16242 sq. feet with a seating capacity of 620 audiences. Additionally, the new property is integrated with modern in-cinema technologies like 2K projection system, Dolby 7.1 sound and UHD 3D technology, ensuring an excellent cinema-viewing experience. Drawing inspiration from the local art of Haryana, the property is designed and styled following the art consept of Punja Durries.
With the opening of PVR Sahu and the third PVR UTSAV, PVR augments its presence to 258 screens in 59 properties in Northern India; 80 screens in 17 properties in Uttar Pradesh, and 35 screens in 10 properties in Haryana respectively.
Commenting on the launch announcement, Mr. Sanjeev Kumar Bijli, Joint Managing Director, PVR Ltd. said, "These are our first property launches since the virus outbreak and the subsequent lockdown. We are very excited to introduce PVR Sahu especially because of its iconic stature in the region. Given its legacy it becomes imperative to retain its connect with the people, while at the same time supplementing it with modern technologies. This theater is a celebration of India's decades' old moviegoing culture which has flourished, matured and grown exponentially over the years. Our other launch, PVR Utsav is one of our unique offerings which is designed to tap into the growing percentage of audiences in smaller markets. This is the third Utsav property in India which falls in line with our growth strategy to extend PVR's nomenclature beyond metros and cater to a wider audience base."
Mr. Gautam Dutta, CEO, PVR Cinemas said, "We return to our customers with greater happiness and much greater responsibility this year. While we focus on ensuring their safety through our industry defining standards of sanitization, we also seek to bring newer and more innovative offerings to them. PVR Sahu is a contemporary marvel and our focus was to ensure the property retains its local connect while offering the luxurious experience of modern theaters. Conversely, as the name suggests, UTSAV was introduced with a vision to celebrate cinema and take modern theaters and its offerings to patrons from relatively smaller markets. Good Experience is not only a demand we have seen in cities but audiences across locations and markets are particular about quality in today's world. Therefore, keeping up the trend of introducing many firsts we created a concept exclusively designed to make cinema viewing affordable without compromising on quality and amenities. We are certain that PVR UTSAV will steadily carve a niche for itself and will witness an overwhelming response just like our other formats."
With these openings, PVR now stands at a total screen count of 835, across 175 properties in 71 cities.
On the content front, the Comedy-drama 'Suraj Pe Mangal Bhari' is all set to be released on 15th November, 2020 which promises to add to the excitement.
Shares of PVR LTD. was last trading in BSE at Rs.1300.9 as compared to the previous close of Rs. 1283.7. The total number of shares traded during the day was 107570 in over 8910 trades.
The stock hit an intraday high of Rs. 1319.3 and intraday low of 1260. The net turnover during the day was Rs. 139144134.