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PVR launches sub-brand PVR UTSAV in Satna

Posted On: 2019-08-15 15:38:27

PVR Cinemas, the largest and the most premium film exhibition company in India, today launched its first property in Satna with 3 screens at GMS City Centre, Madhya Pradesh under its sub-brand "PVR UTSAV". As a special offering for the Tier II and Tier III cities, PVR UTSAV is designed to offer a hygienic, safe and secure cinematic experience to the discerning audience.

Even though Indian cinema has come a long way in the last few decades, the country's low-screen density especially in non-metros has barred a large section of the population from experiencing modern cinema viewing. For India to emulate its growth with the International markets, PVR has introduced its sub brand PVR UTSAV with an aim to extend enhanced entertainment for patrons in the provincial pockets of the country. With the opening of this property, PVR has strengthened its presence in the state of Madhya Pradesh to 14 screens across 04 properties.

Speaking on the occasion, Mr. Sanjeev Kumar, Joint Managing Director, PVR Ltd. said, "PVR Utsav is a natural progression for us, further consolidating our foothold in the small-towns of India. Whilst the first step was to get the model right, the idea was to have the PVR standards of excellence reach every corner of the country with astute focus on smaller cities. The unveiling of this property further demonstrates our goal to bring in first-to-market concepts, and enhanced entertainment for every pocket size".

Invoking a sense of cultural pride, the new PVR UTSAV in Satna draws inspiration from local craft for its design following Gondh art concept. The property spreads across an area of 18,438 sq. ft. with a seating capacity of 584 audiences. It is the biggest multiplex in the town yet, equipped with modern technologies like BARCO 2K projection system, Dolby 7.1 sound and UHD 3D technology. Ensuring an enhanced cinematic experience, the multiplex offers the comfort of recliners with an eclectic range of F&B offerings.

Addressing the media, Mr. Gautam Dutta, CEO, PVR Ltd. said, "PVR UTSAV is a worthy addition to our offerings, which is aimed at making an elevated cinematic experience more accessible to each part of the country, and to address the growing base of the discerning audience. With PVR Utsav, we are focusing on cinema aspect ratio in non-metros to ensure further growth of the cinema industry in India."

He further added, "We are excited to launch the new format in Satna and the market is propitious for further growth. Our first property at Jalgaon under the pilot phase was very well received and we are sure the new property in Satna will witness a similar response."

With this opening, PVR stands at a total screen count of 797 screens at 169 properties in 68 cities.

Shares of PVR LTD. was last trading in BSE at Rs.1432.5 as compared to the previous close of Rs. 1406.15. The total number of shares traded during the day was 38701 in over 1435 trades.

The stock hit an intraday high of Rs. 1441.5 and intraday low of 1390. The net turnover during the day was Rs. 54859111.


Source: Equity Bulls

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