PVR sells stake BluO

Bindu D Menon Mumbai | Updated on January 09, 2018

Sports-based entertainment company Smaaash co-owned by Shripal Morakhia and Sachin Tendulkar has acquired 100 per cent stake in multiplex operator PVR owned entertainment firm bluO for an undisclosed amount.

Smaaash acquired the stake in an all-cash deal.

bluO is a joint venture between PVR Ltd and Major Cineplex Group of Thailand in which PVR owns 51 per cent stake with balance 49 per cent stake held by Major Group.

The acquisition marks the doubling of the area under Smaaash management from 2.76 lakh square feet to approximately around 6 lakh square feet in India.

The significant acquisition also adds six centres (approximately 2.10 lakh sq. ft. of premium space) across five cities to Smaaash’s existing blueprint of seven centres in India and one in Minneapolis in the United States.

The newly acquired centres will operate under Smaash brand and two more centres are expected to open shortly. Smaaash will introduce its signature games at all bluO centres, which only had bowling before.

Ajay Bijli, CMD, PVR Ltd., said, “The sale of bluO is in line with our strategy to divest all non-core assets and focus on our core Cinema Exhibition business. It is also reflective of the value embedded in our core assets and demonstrates our commitment to increase shareholder value and provide management a more focused approach for enhancing value in exhibition business. We are pleased to sell the business to Smaaash, which is a leader in retail and entertainment space in India and the US; and believe that they will take the business to even greater heights.”

Published on August 08, 2017

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