PVR Cinemas plans major expansion across India, to invest Rs.580 Crore

PVR Cinemas plans to invest around Rs 580 crore to set up six entertainment cities and add 350 screens to its existing 154 across the country over the next three years.

The first of the entertainment cities will come up in Noida. The project will house a state-of-the-art, 15-screen multiplex, with four gold class theatres, a 24-28 lane bowling alley, an Olympic size ice skating rink, food courts, casual dining restaurants and a microbrewery.

The company has a target of operating 500 screens by the end of 2014. Of this, around 100 screens would be set up in smaller towns and cities and would run on a low-cost model under PVR Talkies.

It has lined up an investment of Rs 300 crore for the screen expansion programme, which would be funded through a mix of internal accruals and debt