PVR INOX
PVR INOX Ltd
FormerlyPriya Village Roadshow Ltd.
(1997–2002)
TypePublic
ISININE191H01014
IndustryEntertainment (Movie Theatres)
FoundedJune 1997 (1997-06)
Headquarters7th floor, Lotus Grandeur Building, Veera Desai Road, Andheri (West), Mumbai, Maharashtra,
India
Number of locations
359 locations and 1712 screens[1]
Area served
India and Sri Lanka
Key people
RevenueIncrease ₹38,297 million (US$480 million)
Decrease ₹3,364 million (US$42 million)
Number of employees
20,000+
Subsidiaries
Websitewww.pvrcinemas.com

PVR INOX Ltd (formerly Priya Village Roadshow Ltd), formerly known as PVR Cinemas,[2][3]is an Indian multiplex chain based in Mumbai. It was formed as a result of the merger between PVR Cinemas and INOX Leisure Multiplex. PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Saket, New Delhi. In 2022, PVR Cinemas achieved the milestone of completing 25 years in the business.[4] As of December 2023, PVR Inox has 1712 screens across 359 properties in 114 cities (India and Sri Lanka).[5]

History

The current company name reflects the 2023 merger PVR Cinemas and INOX Leisure.

The merged company recently launched the PVR INOX Passport - a first of its kind in India, a subscription plan for movie-goers that allows movie-goers to watch 10 films in a month at a subscription price of Rs 699 during weekdays. The multiplexes in South India (Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Kerala) are currently not eligible for Passport program.

PVR Cinemas

Logo used from 2001 until 2019

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 the running of the cinema hall, which was revamped in 1990, and its success led to the founding PVR Cinemas.[6][7]

The company started as a joint venture agreement between Priya Exhibitors Private Limited and Village Roadshow Limited of Australia in 1995 with 60:40 ratio. It began its commercial operations in June 1997. 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 Joint Managing Director of PVR Ltd. The company also operates a pro-active CSR wing under PVR. In 2003, ICICI Ventures invested ₹40 crore in PVR when Village Roadshow decided to pull out of the partnership.[8]The first PVR Gold Screen was introduced in Forum Mall, Bengaluru.

INOX Leisure

Inox Leisure Ltd.
TypePublic
ISININE312H01016
IndustryEntertainment
Founded1999 (1999)[9]
FounderPavan Jain
FateMerged with PVR Cinemas in March 2023
HeadquartersViraj Towers, Andheri East, Mumbai,
India
Number of locations
74 cities (170 multiplexes, 722 screens)[10]
Key people
RevenueIncrease ₹1,707 crore (US$210 million)
OwnerINOX Group
Number of employees
1500
Subsidiaries
Websitewww.inoxmovies.com

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.[13] It is a subsidiary of INOX Group of Companies.[14] 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, the company went public by issuing 1,65,00,000 equity shares of ₹10 each with pricing of ₹120 per share consisting of a fresh issue of 1,20,00,000 equity shares of ₹10 each and an offer for sale of 45,00,000 equity shares of ₹10 each by Gujarat Fluorochemicals.[15]

Over the years, more screens were added in cities including Bangalore, Chennai, Hyderabad, Jaipur, Indore, Darjeeling, Kota, Rajasthan, and Lucknow.

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.[16]

INOX acquired Satyam Cineplexes Limited by way of acquisition of 100% of the equity share capital from its existing shareholders which is valued at ₹182 crores giving them ownership of multiplexes in NCR, Mysuru and other regions.[17]

According to INOX’s Director Siddharth Jain, in 2018, the Metro INOX multiplex at Mumbai became India's first cinema to be powered by solar power.[18] And in 2021, the company installed electric vehicle charging station at its multiplex in Pune & Vadodara.[19]

As of December 2022, INOX had 170 multiplexes and 722 screens in 74 cities of the country.[20] INOX Leisure Limited was the entertainment venture of the INOX Group.

Mergers and acquisitions

CineMAX

Cinemax, also known as Cinemax India Ltd, was an Indian cinema chain which owned 138 screens across 39 properties in India, including Ahmedabad, Bangalore, Hyderabad, Kochi, Mumbai, Pune, Kolkata, Kanpur, Bhopal and Nashik.[21] It was previously owned by the Kanakia group but later bought by Cine Hospitality Private Ltd, a subsidiary of PVR Cinemas. [22][23] 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 bought by PVR Cinemas for ₹500 crore (US$63 million).[24][25]

SPI Cinemas

SPI Cinemas, a multiplex chain based in Chennai had its origins in the "Royal Theatre Complex" built in April 1974 and acquired by the Reddy family in the 1980s.[26][27] Kiran Reddy, the then CEO of SPI Group took over the business in 1999 and continued developing the theatre, adding three more screens and refurbishing the existing three.[28][29][30] The group was notable for being the first multiplex operator in India to equip its screens with the Dolby Atmos and Auro 11.1 sound systems.[31][32]

In August 2018, PVR Cinemas acquired SPI Cinemas for ₹850 crore in a cash and stock deal.[33][34]

INOX Leisure Limited

On 27 March 2022, INOX announced it would be merging with PVR Cinemas, the largest cinema chain in India.[35]

On 12 Jan 2023, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the merger of PVR and INOX. [36]

In February 2023, PVR merged with its rival INOX Leisure to create largest multiplex chain in India.[37] All the new properties opened after the merger with Inox will be branded as 'PVR Inox'.[38] The existing properties owned by PVR and Inox prior to merger will continue to carry 'PVR' and 'Inox' branding respectively.[39]Post-Merger PVR was renamed PVR INOX Ltd., and it is fifth largest listed multiplex chain globally by screen count.[40][41] PVR currently is in process of creating a unified rewards system in place of PVR Privilege and Inox Rewards that will be used across both PVR and Inox properties. A unified booking portal and app will also be launched soon in place of PVR and Inox websites and apps. The merged entity has plans to open 150+ screens every year and enter Tier 3, Tier 4 cities in India to provide ultimate movie viewing experience which currently is mostly restricted to Tier 1 and Tier 2 cities.

Luxe Cinemas

Luxe, a premium multiplex with 11 screens operating at Phoenix MarketCity Mall, Chennai owned by Jazz Cinemas was acquired by INOX in October 2022[42][43] which in turn merged with PVR in 2023.[44]

PVR Inox Pictures

PVR INOX pictures is the movie distribution arm of PVR Inox Ltd. It was earlier named as PVR Pictures but post the merger with Inox leisure, it was rebranded as PVR INOX Pictures.[45]

Collaborations

In October 2021, PVR announced their collaboration with the film RRR as part of the film's promotion. Accordingly, PVR would rebrand itself as PVRRR across the multiplex chain's 170+ properties in over 70 cities for a few months following the film's release on 25 March 2022.[46] As part of the promotions, they also launched an exclusive NFT (non-fungible token) collection for the film. About 300 digital collectibles including posters signed by director S. S. Rajamouli and the lead cast including Ram Charan, N. T. Rama Rao Jr. and Alia Bhatt and props used in the film were made available to fans as memorabilia.[47] Kotak Mahindra Bank and PVR Cinemas partnered to introduce India's first co-branded movie debit card in November 2021.[48]

In June 2022, PVR announced a collaboration with French high-end theatre company, Ice Theatres, part of CGR Theatres, to open new premium theatres in India.[49] PVR partnered with Maruti Suzuki to launch an innovative 270-degree in-cinema advertising experience utilizing 3D Projection Mapping on theater side walls.[50]

PVR also expanded its preferred partnership agreement with laser cinema solutions provider Cinionic to power all of its screens with Barco Series 4 4K laser projection. On completion of this roll-out, PVR would become the first exhibition chain in India to go 100 per cent 4K RGB laser projection. [51]

In 2022, PVR Cinemas entered into an exclusive partnership with Visa, the official payments technology partner of FIFA for organizing ‘FIFA World Cup 2022TM Viewing Parties’ across 11 properties in 8 cities.[52]

In 2023, PVR hosted the Oscars Film Festival where it screened some of the most popular movies nominated for the 94th Academy Awards.[53] PVR INOX also partnered with INGKA Centers, part of IKEA's retail operator INGKA Holding for its upcoming Gurgaon center to open a nine-screen movie theatre.[54] PVR INOX has partnered with Bollywood actor and climate activist Bhumi Pednekar to spread awareness on Climate change.[55]

Formats

PVR Gold Screen

PVR's first "Gold Screen" was launched in Indore in 2007.[56]

PVR Superplex

In 2014, PVR Cinemas introduced Superplex format in Noida. The cinema has 15 screens with IMAX, 4DX, Gold Class, a playhouse and mainstream auditoriums. PVR Cinemas has invested ₹48 crores in this new venture. PVR also joined hands with friends group and business venture was called FRIENDS CINEMA. [57]

IMAX (with Laser)

IMAX is a proprietary system of high-resolution cameras, film formats, film projectors, and theaters known for having very large screens with a tall aspect ratio and steep stadium seating. It produces an image approximately ten times larger than that from standard 35 mm film.[58]

PVR Playhouse

PVR Playhouse includes a special movie auditorium showcasing children's movies/animated content. Along with a slide to play on, it offers bean bags and rubberised seats for kids and parents.[59] This format is available only in Bengaluru, Chennai, Delhi, Hyderabad, Indore and Mumbai.

PVR 4DX

In 2016, PVR's 4DX became the second movie theater chain in India to introduce 4DX in the country after Cinépolis.[60]

PVR ICE

In 2022, PVR Cinemas introduced the first ICE Theatres format in Delhi NCR.[61] This was the first ICE in India and Asia Pacific Region.

P[XL]

PXL Screen is a theatre design or technology introduced by PVR that aims to transform the movie-going experience. It is watching a movie in PVR with an extra-large [XL] experience in form of improved seating, audio-visual quality and screen size.[62]

Awards

For INOX Leisure

  • 2005 - 'ICICI Entertainment Retailer of the Year' Award.[13]
  • 2006 - TAAL Multiplexer Award.
  • 2007 - Emerging Superbrand of the year.
  • 2016 - Big Cine Expo Awards' Best Technology Adopter of the Year[63]
  • 2017 - India Retail Forum's Entertainment Retailer of the Year[64]

References

  1. ↑ "About Us". pvrcinemas.com. Retrieved 4 September 2023.
  2. ↑ "PVR Company History – Business Standard News". Business Standard. Retrieved 1 September 2021.
  3. ↑ Sen, Meghna (12 January 2023). "PVR-Inox merger approved by Mumbai NCLT". mint. Archived from the original on 9 May 2023. Retrieved 7 August 2023.
  4. ↑ "PVR Cinemas celebrates 25 years in cinematic entertainment". Eventsfaqs.com. 10 August 2022. Retrieved 4 September 2023.
  5. ↑ "PVR Inox focuses South market for expansion". newindianexpress.com. 18 December 2023.
  6. ↑ "Questions & Answers: Ajay Bijli". The Wall Street Journal. 24 November 2009. Retrieved 24 September 2014.
  7. ↑ Abrar, Peerzada (24 August 2012). "How Ajay Bijli, the man behind PVR, managed to crack the movie theatre business in India". The Economic Times. Archived from the original on 14 June 2015. Retrieved 24 September 2014.
  8. ↑ Sinha, Suveen K. (20 October 2011). "Lunch with BS: Ajay Bijli". Business Standard. Archived from the original on 20 October 2011. Retrieved 29 November 2011.
  9. ↑ "Archived copy" (PDF). Securities and Exchange Board of India. Archived from the original (PDF) on 4 March 2016. Retrieved 29 June 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ↑ "Corporate". www.inoxmovies.com. Retrieved 1 September 2021.
  11. ↑ "Siddharth Jain, Inox Leisure Ltd: Profile and Biography". Bloomberg Markets. Retrieved 10 November 2021.
  12. ↑ "Alok Tandon, Inox Leisure Ltd: Profile and Biography". Bloomberg Markets. Retrieved 1 September 2021.
  13. 1 2 "Inox Leisure Ltd. (INOXLEISUR) - Company History". business-standard.com. Retrieved 26 October 2021.
  14. ↑ "Inox Leisure Ltd". ndtv.com. Retrieved 26 October 2021.
  15. ↑ "Inox IPO oversubscribed; to be listed on 23 February". Indian Television Dot Com. 22 February 2006. Retrieved 26 December 2021.
  16. ↑ "Inox buys Kolkata cinema house". Business Standard India. 26 June 2006. Retrieved 30 September 2021.
  17. ↑ "Inox acquires Satyam Cineplex for Rs 182 crore". Business Standard. BS Reporter. 31 July 2014. Retrieved 1 September 2021.
  18. ↑ "Mumbai's Metro Inox becomes 1st multiplex to go solar". DNA India. Retrieved 26 December 2021.
  19. ↑ "Cinemas, restaurants: Charging stations for e- vehicles mushrooming in Pune city". Hindustan Times. 18 October 2021. Retrieved 26 December 2021.
  20. ↑ Market, Capital (23 December 2021). "Inox Leisure starts operations of multiplex cinema theatre in Dhanbad, Jharkhand". Business Standard India. Retrieved 26 December 2021.
  21. ↑ "Business News Today: Read Latest Business news, India Business News Live, Share Market & Economy News". Archived from the original on 5 March 2016. Retrieved 20 August 2023.
  22. ↑ "PVR buys Cinemax for Rs 395 cr, becomes country's largest multiplex". Firstpost. 29 November 2012. Archived from the original on 2 December 2012. Retrieved 29 November 2012.
  23. ↑ "PVR Acquires 69 percent Stake in Cinemax for 395 Crores". Biharprabha News. 30 November 2012. Archived from the original on 25 July 2015. Retrieved 25 July 2015.
  24. ↑ "PVR acquires DLF's DT Cinemas for Rs 500 crore". The Times of India. 9 June 2015. Archived from the original on 17 September 2016. Retrieved 1 July 2016.
  25. ↑ Malvania, Urvi (11 February 2015). "Coming soon: Multiplex boom across India". Business Standard. Archived from the original on 25 July 2015. Retrieved 25 July 2015.
  26. ↑ Ramakrishnan, N. (27 December 2013). "Chennai has a big role to play". Business Line. Archived from the original on 13 April 2014. Retrieved 9 April 2014.
  27. ↑ "The changing scene". The Hindu. 27 November 2013. ISSN 0971-751X. Retrieved 29 August 2023.
  28. ↑ Pillai, Sreedhar (15 December 2006). "And now, the multiplex mania". The Hindu. Archived from the original on 17 December 2006. Retrieved 29 August 2023.
  29. ↑ "Reddy Made In Chennai". The Hindu. 24 March 2011. ISSN 0971-751X. Retrieved 29 August 2023.
  30. ↑ "Hollywood praise for Sathyam Cinemas!". Behindwoods. 31 October 2012. Archived from the original on 20 June 2014. Retrieved 22 April 2014.
  31. ↑ Almeida, Aaron (5 December 2012). "Dolby launches its Dolby Atmos audio platform in India". Firstpost. Archived from the original on 1 February 2014. Retrieved 23 March 2013.
  32. ↑ Mead, Bill (25 November 2013). "Technology in review: Asia embraces digital, 3D and immersive sound". Film Journal International. Archived from the original on 25 December 2013. Retrieved 8 April 2014.
  33. ↑ "PVR buys Sathyam Cinemas in Rs 850 crore cash-&-stock deal". The Times of India. 13 August 2018. Archived from the original on 16 August 2018. Retrieved 16 August 2018.
  34. ↑ "SPI cinemas amalgamated with PVR effective 17 August 2018" (PDF). PVR Cinemas. 23 August 2019. Archived (PDF) from the original on 5 November 2019. Retrieved 21 August 2023.
  35. ↑ "India's largest multiplex operators to merge, creating cinema giant". Reuters. 28 March 2022. Archived from the original on 19 April 2023. Retrieved 24 August 2023.
  36. ↑ "PVR-INOX merger gets NCLT approval". Moneycontrol.com. 12 January 2023. Retrieved 4 September 2023.
  37. ↑ "PVR merges with Inox to create India's biggest multiplex chain". PVR Cinemas. 7 February 2023. Archived from the original on 9 May 2023. Retrieved 9 May 2023.
  38. ↑ "PVR becomes PVR INOX as name change takes effect". PVR Cinemas. 21 April 2023. Archived from the original on 9 May 2023. Retrieved 9 May 2023.
  39. ↑ "PVR-Inox merger approved by Mumbai NCLT". PVR Cinemas. 12 January 2023. Archived from the original on 9 May 2023. Retrieved 9 May 2023.
  40. ↑ "India's largest multiplex operators to merge, creating cinema giant". Reuters. 28 March 2022. Archived from the original on 19 April 2023. Retrieved 24 August 2023.
  41. ↑ Mohapatra, Shailaja (15 March 2023). "World's 5th largest multiplex chain now also a fast food giant: Should you bet on PVR-Inox?". Moneycontrol.com. Retrieved 4 September 2023.
  42. ↑ "Jazz Cinemas buys Luxe multiplex". The Hindu. 30 October 2015. Archived from the original on 21 August 2023. Retrieved 24 August 2023.
  43. ↑ "INOX Leisure Ltd to acquire Luxe Cinemas, theatre business of Jazz Cinemas". EquityBulls. 13 October 2022. Archived from the original on 24 April 2023. Retrieved 24 August 2023.
  44. ↑ "PVR opens new multiplex in Phoenix mall". The Times of India. 8 March 2023. Archived from the original on 4 June 2023. Retrieved 24 August 2023.
  45. ↑ "PVR Pictures is now PVR INOX Pictures post-merger with Inox Leisure". Mint. 8 March 2023. Retrieved 27 August 2023.
  46. ↑ "PVRRR: Makers of RRR tie-up with PVR Cinemas to promote film in unique way". The News Minute. 30 October 2021. Archived from the original on 28 December 2021. Retrieved 28 December 2021.
  47. ↑ Jha, Lata (21 March 2022). "PVR Cinemas launches 'RRR' NFT collection". Livemint. Retrieved 4 September 2023.
  48. ↑ Talukdar, Prashun (16 November 2021). "Kotak Mahindra Bank, PVR Cinemas Launch Co-Branded Movie Debit Card". NDTV Profit. Retrieved 25 November 2023.
  49. ↑ Jha, Lata (24 June 2022). "PVR ties up with French company for high-end cinema properties". mint. Archived from the original on 25 June 2022. Retrieved 25 June 2022.
  50. ↑ Pinto, Viveat Susan (21 August 2022). "Advertising in movie halls: From still cards to experiential marketing". Business Standard. Retrieved 25 November 2023.
  51. ↑ PTI (21 June 2022). "PVR to become first exhibition chain with 100 per cent 4K laser projection". Economic Times. Retrieved 4 September 2023.
  52. ↑ "PVR Cinemas associate with Visa for FIFA World Cup Qatar 2022". afaqs.com. 12 December 2022. Retrieved 4 September 2023.
  53. ↑ "Oscars Film Fest To Let Audiences Binge On 2023 Oscar-Nominated Films". Outlook. 17 February 2023. Retrieved 4 September 2023.
  54. ↑ "Ingka Centres partners PVR Inox for multiplex". Business Line. 25 April 2023. Retrieved 4 September 2023.
  55. ↑ "PVR launches sustainability campaigns, join hands with Bollywood actor Bhumi Pednekar". Press Trust of India. 18 March 2023. Retrieved 25 November 2023.
  56. ↑ Raval, Anjli (21 July 2010). "India's thirst for gold hits the cinema". Financial Times. Archived from the original on 23 May 2017. Retrieved 8 November 2016.
  57. ↑ Ambwani, Meenakshi Verma (21 July 2014). "PVR Superplex, its different". @businessline. Archived from the original on 26 December 2021. Retrieved 26 December 2021.
  58. ↑ Jha, Lata (20 December 2019). "PVR ups screening game with new IMAX laser technology". Livemint. Retrieved 25 November 2023.
  59. ↑ "PVR Playhouse puts children in the picture". The New Indian Express. Archived from the original on 26 December 2021. Retrieved 26 December 2021.
  60. ↑ Laghate, Gaurav. "PVR to enhance cine experience with 4DX screens". The Economic Times. Archived from the original on 26 December 2021. Retrieved 26 December 2021.
  61. ↑ Khan, Zeba (20 December 2022). "PVR Cinemas launches first Ice Theatres format in India and Asia Pacific region". WION. Archived from the original on 21 August 2023. Retrieved 20 December 2022.
  62. ↑ SRINIVASAN, LATHA (28 August 2022). "IMAX, Qube EPIQ, PVR P[XL] - the business of premium large screen format cinemas in India". Moneycontrol. Retrieved 25 November 2023.
  63. ↑ "Big Cine Expo 2016 Winners". bigcineexpo.com. Retrieved 1 September 2021.
  64. ↑ "INOX Leisure Wins Entertainment Retailer of the Year and Two More Awards for Technology at India Retail Forum 2017". prnewswire.com. 22 September 2017. Retrieved 26 October 2021.
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