Pics courtesy Shutterstock/Republic World
New Delhi: PVR and Inox announced their merger on Sunday in what could be one the biggest business deals of the year.
“Merger to bring together two of India’s best cinema brands to deliver an unparalleled consumer experience with a network of more than 1,500 screens,” Inox said in a statement.
The combined entity of the multiplex giants, to be called PVR Inox Ltd, will operate 1,546 screens across 341 properties in 109 cities, said a joint statement, adding that the merger is subject to approval by both companies’ shareholders, Securities and Exchange Board of India (Sebi), stock exchanges.
While Inox will have a 16.66% stake in the new company, PVR will have 10.62% stake.
Existing screens will continue under the names of Inox and PVR, while those which will be opened post the merger will be called PVR Inox.
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