India’s largest multiplex chain — PVR Ltd — will buy a majority stake in SPI Cinemas, South India’s largest cinema chain and owner of the iconic Sathyam Cinemas in Chennai, in a deal valued at Rs. 850 crore.

“We decided on this deal because SPI Cinemas is one of the finest brands in the theatre industry. They understand the business and consumers very well and deliver. We will also pick up the best practices from them and will share ours,” Nitin Sood, CFO of PVR Ltd, told
The Hindu
. “The food and the popcorn at SPI, which is close to every movie-goer, will remain.” As of March 2018, SPI had total assets of Rs. 319.63 crore and a turnover of Rs. 309.60 crore. SPI’s owners, Kiran Reddy and Swaroop Reddy, will continue to run the show. Mr. Kiran will continue as the CEO. To a query on change in brand name, he said the company had not thought about it.

Source: Read Full Article