PVR INOX Limited is an Indian multiplex chain. It was formed in 2023 as a result of the merger between PVR Cinemas and INOX Leisure.[4][5] PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Vasant Vihar, New Delhi.[6] As of December 2024, PVR INOX operates 1,749 screens across 355 properties in 111 cities, including locations in India and Sri Lanka.[7][8]
PVR Cinemas has its origin as Priya Cinema in Vasant Vihar, Delhi; the cinema was named after Priya Jaisinghani and was bought by Ajay Bijli's father in 1978, who also owned a trucking business, Amritsar Transport Co. In 1988, Bijli took over cinema hall, which was revamped in 1990, and its success led to the founding of PVR Cinemas.[9][10]
The company started as a joint venture agreement between Priya Exhibitors Private Limited and Village Roadshow of Australia in 1995 with a 60:40 ratio. It began its commercial operations in June 1997 as Priya Village Roadshow. The company was founded by Ajay Bijli, who is the chairman and managing director of PVR Cinemas. Ajay Bijli's brother Sanjeev Kumar Bijli is the Executive Director of PVR INOX Limited.[11] In 2003, ICICI Ventures invested ₹40 crore in PVR when Village Roadshow decided to pull out of the partnership.[12] The first PVR Gold Screen was introduced in Forum Mall, Bengaluru.
In 2006, the shares of the company were listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).[13] PVR's first "Gold Screen" was launched in Indore in 2007.[14]
In 2012, PVR Cinemas partnered with IMAX to open its first IMAX theatre in Bengaluru.[17][18] In 2014, PVR Cinemas introduced the superplex format in Noida.[19] In 2016, PVR's 4DX became the second movie theater chain in India to launch 4DX in the country after Cinépolis.[20] In 2022, PVR Cinemas introduced its immersive theater format called ICE in Delhi NCR.[21]
INOX Leisure or INOX Movies was an Indian multiplex chain based in Mumbai. The company was incorporated as a public limited company in November 1999.[26] It is a subsidiary of INOX Group (Industrial Oxygen) of companies.[27] In 2002, the company commenced its operation by opening its first four-screen multiplex at Pune and another four-screen multiplex at Vadodara. In 2004, multiplexes were added in Kolkata, Goa, and Mumbai.
In 2006, INOX acquired 89 Cinemas, owned by Calcutta Cinema Private Ltd (CCPL), in a share swap deal, giving INOX ownership of nine multiplexes in West Bengal and Assam.[29]
INOX acquired Satyam Cineplexes for ₹182 crore, giving it ownership of multiplexes in Delhi NCR, Mysuru and other regions.[30]
In December 2022, INOX had 170 multiplexes and 722 screens in 74 cities.[31]
PVR–INOX merger
On 27 March 2022, INOX announced it would be merging with PVR.[32] On 12 January 2023, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the merger of PVR and INOX.[33]
In February 2023, after the merger was completed, PVR was renamed PVR INOX. The merged entity became the fifth largest listed multiplex chain globally by screen count[32][34] and the largest in India.[35] All the new properties opened after the merger with Inox were branded as PVR Inox,[36] while the existing properties owned by PVR and Inox before the merger continued to carry PVR and Inox branding respectively.[37]
Cinemax India Ltd was an Indian cinema chain which owned 138 screens across 39 properties in India, including Ahmedabad, Bengaluru, Hyderabad, Kochi, Mumbai, Pune, Kolkata, Kanpur, Bhopal and Nashik.[41] It was owned by the Kanakia group, before being acquired by Cine Hospitality Private Ltd, a subsidiary of PVR Cinemas, in 2012.[42][43] The acquired properties were renamed as PVR Cinemas in a phased manner over the years.
DT Cinemas
In May 2016, DLF group owned DT Cinemas was acquired by PVR Cinemas for ₹500 crore.[44][45] The properties were later rebranded as PVR.
SPI Cinemas, a multiplex chain based in Chennai, had its origins in the Royal Theatre, built in 1974 and acquired by the Kiran Reddy family in the 1980s. Royal Theatre later evolved into Sathyam Cinemas.[46][47] In August 2018, PVR Cinemas acquired SPI Cinemas for ₹850 crore and rebranded the properties as PVR.[48]
Luxe Cinemas
Luxe, a premium multiplex with 11 screens operating at Phoenix Marketcity, Chennai owned by Jazz Cinemas, was acquired by INOX in October 2022,[49][50] which in turn merged with PVR in 2023.[51]
PVR INOX Pictures is the film distribution arm of PVR Inox. It was earlier named PVR Pictures and rebranded as PVR Inox Pictures in 2023 after the merger of PVR Cinemas and Inox Leisure.[52]
Partnerships
In October 2021, PVR announced a partnership with the film RRR as part of which, PVR rebranded itself as PVRRR across the multiplex chain's properties in over 70 cities for a few months following the film's release on 25 March 2022.[53] As part of the promotions, they also launched an exclusive NFT (non-fungible token) collection for the film.[54]
PVR expanded its partnership agreement with laser cinema company Cinionic to power all of its screens with Barco Series 4 4K laser projection.[55]
EY Entrepreneur of the year Award for Business Transformation in 2013
References
↑ "Terms of Use". PVR INOX. Archived from the original on 24 March 2024. Retrieved 23 March 2024. PVR INOX LIMITED Block A, 4th Floor, Building No.9A, DLF Cyber City-Phase III, Gurgaon, Haryana, 122002
↑ "About Us". pvrcinemas.com. Archived from the original on 17 November 2019. Retrieved 4 September 2023.
↑ "PVR INOX Ltd". Reuters. Archived from the original on 3 September 2023. Retrieved 23 April 2024.
↑ Ambwani, Meenakshi Verma (21 July 2014). "PVR Superplex, its different". @businessline. Archived from the original on 26 December 2021. Retrieved 26 December 2021.
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₹3,829 crore (US$450 million) (2023)
₹336 crore (US$40 million) (2023)
