PVR plans to open 150 low-cost screens

Movie theatre chain PVR Ltd, known to operate in the premium segment, plans to open 150 <g data-gr-id="25">low cost</g> screens under its 'PVR Talkies' in 2-3 years to expand its footprint to smaller towns.

The company, which today tied-up with Dolby Laboratories for new technology 'Dolby Atmos', is banking on organic expansion with plans to open up to 70 screens ever year as it does not foresee acquisitions in the film exhibition industry in the near future.

"We are seeing good growth in low cost cinemas. We are opening <g data-gr-id="32">low cost</g> cinemas in tier II and tier III cities. We are following <g data-gr-id="29">three pronged</g> <g data-gr-id="30">strategy</g> for growth and will open 150 such <g data-gr-id="31">low cost</g> screens in the next 2-3 years," PVR Ltd Chairman and Managing Director Ajay Bijli told reporters here. At present PVR operates 80 screens under 'PVR Talkies' brand. It has three brands across different price points -- PVR Talkies, PVR Cinemas and PVR Premium.

Overall, it has 474 screens in 43 cities in India. PVR said it will install Dolby Atmos technology at 50 screens in two years time for better sound experience. "We will invest about 40 odd <g data-gr-id="27">crore</g> to install this technology across 50 PVR screens," Bijli added.

At present, Dolby Atmos technology is available at 100 screen. Last month, PVR acquired real estate major DLF’s DT Cinemas for Rs 500 crore.