The Bombay Bench of the National Company Law Tribunal (NCLT) on Thursday approved the merger between the country’s top two multiplex chains – PVR Ltd and Inox Leisure.
The merged entity, which will be called PVR-INOX, will become the largest film exhibition company in India, operating 1,546 screens across 341 properties in 109 cities, according to a previously announced merger.
The company’s joint managing director Sanjeev Kumar Bijli said PVR is entering new cities, especially in the south and eastern parts of the country, where it has negligible presence.
Bijli said that PVR is looking for smaller towns, which are underserved and have “high potential”.
On March 27, 2022, PVR and Inox Leisure announced a merger. It has been approved by their respective shareholders, creditors as well as by the leading exchanges NSE and BSE.
The company expects to complete the remaining formalities by the end of this financial year.
“After the merger, we will have 1,600 screens,” Bijli said.
catch all corporate news And updates on Live Mint. download mint news app to receive daily market update & stay business News,