PVR Limited, the largest and the most premium cinema exhibition company in India, after the merger with INOX Leisure Limited announced the launch of a new 5-screen multiplex in the state of Telangana today. The new multiplex at Ashoka One Mall on Y Junction in Hyderabad will strengthen the company's foothold in Telangana with 102 screens in 18 properties and consolidates the merged entity's presence in South India with 508 screens in 92 properties.
The multiplex is located in Kukatpally, a residential and commercial locality having excellent connectivity to the city's hotspots. Due to proximity to the IT hub of Hitech city and Gachibowli, Kukatpally has emerged as the preferred locality for professionals working in these IT hubs.
The new cinema is designed to deliver a luxurious experience with an artfully designed L-shaped lobby, a concession counter with curated food section and a live kitchen. The five auditoriums having a seating capacity of 1274 with last row recliners are equipped with advanced laser projection for crystal-clear visuals and spectacular audio experience with Dolby Atmos technology. The live kitchen will serve a variety of gourmet cuisine which the customers can also order through Swiggy and Zomato within the comfort of their homes.
Commenting on the announcement, Mr. Ajay Bijli, Managing Director, PVR Limited, said, 'South is an important market for us as people are socially more inclined to movie viewing and has a steady supply of regional content. The immense passion of movie going audience results in higher occupancy levels. We are delighted to open our sixteenth property in Hyderabad, under the combined portfolio of PVR and INOX. Hyderabad is home to the Telugu film industry which is the largest in South cinema and produced the highest number of films in 2022. The dubbed versions of many Telugu films got record pan India attendance, becoming a game changer in the history of Indian film exhibition industry".
Hyderabad, the capital city of Telangana consists of the twin cities of Hyderabad and Secunderabad and is the largest and most populous city of the state. The city has become a hub of trade and commerce and an international centre for information technology. One of the wealthy economies in India, Telangana has a proud history and grand heritage. It is home to some of India's best educational institutions, public sector and defense companies and a thriving global services sector and film industry.
Commenting on the launch, Mr. Sanjeev Kumar Bijli, Executive Director, PVR Limited, said, "We are super excited to launch another property in one of the highly developed states in India. A city that has an incredible mix of traditions and modernity, Hyderabad has a young population, one of the prime demographical segments of movie going audiences. The state has friendly business policies and is known for its hospitality and multicultural and pluralistic society. Through this new multiplex, we aim to present movie-goers with a go-to hangout place where they can binge-watch and dine together".
With this opening, the merged entity has strengthened its growth momentum and has opened 143 screens across 26 properties in 21 cities in this fiscal.
Shares of PVR Limited was last trading in BSE at Rs. 1596.10 as compared to the previous close of Rs. 1600.40. The total number of shares traded during the day was 86171 in over 2100 trades.
The stock hit an intraday high of Rs. 1631.40 and intraday low of 1591.90. The net turnover during the day was Rs. 138466775.00.