PVR, Major Cineplex bowling for dollars
EmptyNEW DELHI -- New Delhi-based PVR Ltd. and Thailand's Major Cineplex Group have created a joint venture to launch PVR Blu-O, which will feature bowling alleys, karaoke centers, ice skating rinks and gaming zones, Major said in a stock market filing Tuesday.
The agreement was signed Tuesday in Bangkok by Major Cineplex Group chairman and managing director Vicha Poolvaraluck and PVR chairman and managing director Ajjay Bijli.
Financial terms of the agreement were not released, but in a separate statement to the Thai stock exchange Tuesday, Major Cineplex said the capital of the joint company will be about $2.25 million (90 million rupees), in which PVR will hold 51%, while the Thai firm will hold the remainder, investing approximately $1.2 million.
"It is expected that this investment will occur within the second quarter of 2008," Major said.
PVR operates 95 screens across 24 cinemas, and served 20 million customers in India last year. Major Cineplex is Thailand's largest theatrical chain with 258 screens in 32 locations, and runs bowling and karaoke centers under the Blu-O brand.
PVR Blu-O centers will be established adjacent to upcoming PVR multiplex locations, with the first planned in Delhi.