PVR Inox To Invest Rs.700 Crore To Renovate Their Infrastructure
PVR Inox, the newly combined multiplex powerhouse, is poised to invest Rs 700 crore in FY24 to build up to 175 new screens and renovate a slew of current ones.
The new plan comes as India's largest multiplex chain continues to rationalise at a number of locations where it is losing money.
According to a ToI report, PVR Inox is planning aggressive expansion at a time when the cinema industry is rediscovering its mojo after a long pandemic break.
"PVR Inox is expected to spend close to Rs 700 crore cumulatively in FY24 for adding new screens and retrofitting existing ones with new tech, formats, and ambience, among other features," he said.
Bijli stated that the organisation anticipates commerce to remain robust once Covid closes and smaller towns and cities become more appealing destinations.
For most areas, average ticket costs have now surpassed pre-Covid levels. The company ended FY23 with an average ticket price of Rs 236 (for the merged corporation) compared to Rs 204 (pre-Covid FY20) for PVR standalone.
The organisation is currently planning to expand to a number of tier-2 and tier-3 cities, including Rourkela, Bhubaneswar, Dharwad, Cuddalore, Jodhpur, Hubli, and Ajmer.
PVR and Inox, two highly popular rival chains in India, merged last year take advantage of their synergies tackle lockdown-related challenges and the rising popularity of Netflix, Amazon, Disney Hotstar and other streaming companies.