The Hindu Business Line : Prestige Group, PVR enter into tie-up

Bangalore, Dec.10 In a strategic tie-up that is expected to step up footfalls in shopping malls, Prestige Group and PVR have entered into an agreement that will see PVR Cinemas becoming the preferred provider of the multiplex screens in The Forum Malls to be set up by the Prestige Group across the country.

Mr Irfan Razack, Chairman and Managing Director of Prestige Group, said his company plans to set up 30 shopping malls in the next four years at an estimated cost of Rs 3,000 to Rs 4,000 crore. He told media persons here on Monday that the two leading brands of Prestige and PVR would be working together to promote ‘shoptainment’ that will see both the partners benefiting from the increased footfalls to make the shopping malls a sustainable business. Prestige Group will be setting up 10 shopping malls in the next two years, three of them coming up in Bangalore, while others will be located in, Mysore, Chennai, Hyderabad and Mysore.

It also aims to set up shopping malls in tier-II cities such as Coimbatore, Belgaum, Hubli, Vijayawada and Goa.

With film exhibition business booming, the two groups saw a synergy in entering into an arrangement that could set a trend in giving a boost to each other’s business said Mr Razack and Mr Sanjeev Kumar Bijli, Joint Managing Director, PVR Ltd.

Mr Razack said under the partnership, PVR will be renting out the space and managing the cineplexes. Mr Bijli said PVR itself is on an expansion mode and will be adding 250 screens in the country to its current strength of 95. The company will be investing Rs 300- 350 crore in the next three to four years in the venture, he added.

More Stories on : Strategy | Alliances & Joint Ventures | Cinema | Shopping

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Roots Corpn scales up Ginger hotel chain

Prestige Group, PVR enter into tie-up

‘Star-studded’ domestic cricket fails to impress advertisers

Indiabulls-Piramyd deal mutually beneficial

Airtel bike contest winner

Direct selling sector set for big growth

Bharti Retail to begin operations in March

Gloria Jeans ties up with Citymax for coffee chain

‘Reliance Retail to continue with expansion plans’

CII mulls retail management academy in Vizag

It’s fake, it’s also grey and it’s Viagra

5.8 m new GSM users in November