PVR Pictures, a subsidiary of PVR, has signed agreements with ICICI Venture Funds Management Company and JP Morgan Global Special Opportunities Group for an investment of Rs l20 crore in the company.
JP Morgan and ICICI Venture will each invest Rs 60 crore in PVR Pictures. This transaction will enable the parent, PVR, to become a fully integrated film and entertainment company with interests across the entire value chain including production, distribution and exhibition. PVR is already one of the largest multiplex operators in India and contributes 15 per cent of the box office collections of any leading Bollywood film. The expansion into the production and distribution business through PVR Pictures will create further synergy f or the group by leveraging its exhibition circuit.
“We are confident that the equity partnership with JP Morgan and ICICI Venture will help us rapidly realize our ambition of making PVR Pictures one of the leading companies in the content production and distribution space in Indian market,” said Ajay Bijli, managing director of PVR.
PVR shares were up 6 per cent at Rs 179.20 on NSE.
Source: Economic Times