PVR Limited, the largest and the most premium film exhibition company in India, after the merger with INOX Leisure Limited, has inaugurated its first multiplex under the merged entity at Indore, Madhya Pradesh. The new 8-Screen Multiplex at Phoenix Citadel Mall in Indore will strengthen the company's foothold in the state with 54 screens in 10 properties. This launch consolidates the merged entity's presence in Central India with 299 screens in 70 properties across 25 cities in Madhya Pradesh, Gujarat, Rajasthan and Chhattisgarh.
Located in the chic and upscale neighbourhood of Indore at the popular MR 10 Road Junction, the new multiplex has a seating capacity of 1318 and incorporates two Auditoriums of INSIGNIA, one each of KIDDLES and BIGPIX along with 4 other Auditoriums. The elegantly designed multiplex is equipped with advanced Laser Projection system for razor-sharp visuals, Dolby Atmos surround sound experience, 3D powered by Volfoni Smart Crystal Diamond solution.
Providing customers with the perfect signature experience, the lobby features a mirrored and coffered ceiling with stunning chandeliers and fine furniture. The Insignia lounge, with its rich burgundy colored theme, stands out and greets the guests with a warm and luxurious feel. The lounge also features a large video wall and a live food counter serving a variety of gourmet dishes.
Commenting on the launch, Mr. Ajay Bijli, Managing Director, PVR Limited, said, "It is an extremely proud moment for us to open our first cinema under the unified entity in Indore, adjudged the cleanest city in the Swachh Survekshan Awards 2022. While bringing the best of cinema viewing formats, we aspire to provide an exceptional customer service and cinema experience to Indian moviegoers. The merged entity would unlock the immense potential of the Indian film exhibition industry improving its reach in newer markets and driving growth for the benefit of all stakeholders in the value chain".
Improving lifestyle choices of a youthful and vast working population along with lack of out-of-home entertainment options are fueling the need for movie viewing experience in multiplexes as a leisure activity. With only 7 screens per million, India is an extremely under-screened market and the low penetration provides a significant growth opportunity for the company to reach untapped marketsin Tier2 and Tier-3 cities.
Commenting on the achievement of this important milestone, Mr. Sanjeev Kumar Bijli, Executive Director, PVR Limited, said, "The commercial capital and the largest city of Madhya Pradesh, Indore has been selected as one of the 100 Indian cities to be developed as a smart city under the Smart Cities Mission. One of the fastest developing cities in the state and its excellent connectivity with neighboring states, Indore certainly deserved a cinema of such stature. We are happy that we could dedicate a cinema of such eminence to the people of Indore with our first property opened under the joint entity".
With this opening, the merged entity has strengthened its growth momentum and has opened 127 screens across 24 properties in 21 cities in this fiscal.
Shares of PVR Limited was last trading in BSE at Rs. 1709.75 as compared to the previous close of Rs. 1712.95. The total number of shares traded during the day was 3281 in over 586 trades.
The stock hit an intraday high of Rs. 1722.00 and intraday low of 1705.75. The net turnover during the day was Rs. 5622378.00.