Financial Daily from THE HINDU group of publications
Sunday, Feb 20, 2005
Financial Daily from THE HINDU group of publications Sunday, Feb 20, 2005 |
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Corporate
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Mergers & Acquisitions PVR Cinema scouting for strategic investor? Our Bureau
New Delhi , Feb. 19 PVR Cinemas, a pioneer in the field of cinema exhibition, is said to be in talks to rope in a strategic investor in the firm. According to sources, a few leading private equity investors are in the race for the same. However, when contacted, Mr Ajjay Bijli, Managing Director, PVR Ltd, offered no comment on the matter. According to industry analysts, the transaction would provide the necessary funds for PVR's expansion plans. Recent news reports have suggested that PVR Cinemas is planning to invest around Rs 80 crore for expanding its chain of multiplexes. The new multiplexes will be spread across 8-9 cities and help the company to establish a pan-India presence. Incidentally, PVR had successfully raised private equity from ICICI Venture in 2003 to fund its expansion plans. ICICI Venture, a private equity and venture fund management company, had invested Rs 38 crore in PVR Ltd at the time.
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