Warburg Pincus acquires nearly 14% stake in PVR for Rs 820 crore
PVR currently operates a cinema circuit comprising 562 screens in 122 properties in 48 cities pan India. Photo: Official Website
Private equity player Warburg Pincus today said it has acquired around 14% stake in multiplex chain PVR for approximately Rs 820 crore.
"Affiliates of Warburg Pincus have acquired an equity stake of approximately 14% in PVR, India's largest film and retail entertainment company for approximately Rs 820 crore," it said in a statement.
The stake is being acquired from affiliates of private equity firm Multiples, who will remain a long term investor with a 14% equity stake and the current promoters who will continue to drive the business and remain the largest shareholders with a shareholding greater than 20%, it added.
"The Indian multiplex industry is at a cusp of rapid transformation and at the next level of growth driven by consumer demand and experience, convenience and technology. We are delighted to welcome Warburg Pincus as an investor as we continue to accelerate our long term development and expansion. The firm's global network, and experience will be invaluable to us as we go forward," PVR Chairman and Managing Director Ajay Bijli said.
PVR currently operates a cinema circuit comprising 562 screens in 122 properties in 48 cities pan India.
"Warburg Pincus is excited to invest in PVR, and has been impressed by Ajay's passion and continued commitment to the business. The Indian film and entertainment market is expanding rapidly and we look forward to supporting Ajay and the entire management team during the next phase of growth," Warburg Pincus India Managing Director and Co-Head Vishal Mahadevia said.