Home Stock Market India’s largest multiplex operators to merge, creating cinema large By Reuters

India’s largest multiplex operators to merge, creating cinema large By Reuters

India’s largest multiplex operators to merge, creating cinema large By Reuters

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© Reuters. FILE PHOTO: A employee sporting protecting gear sprays disinfectant inside an empty PVR multiplex that was closed following the outbreak of the coronavirus illness (COVID-19), in New Delhi, India July 31, 2020. REUTERS/Adnan Abidi/File Picture

NEW DELHI (Reuters) – India’s two largest multiplex companies stated on Sunday they might merge to create a large cinema operator with greater than 1,500 screens throughout 109 cities because the leisure business recovers from the COVID-19 pandemic.

PVR and INOX Leisure stated the merger, which is topic to regulatory approvals, would assist each corporations enhance effectivity, attain newer markets and optimise value.

“The movie exhibition sector has been one of many worst impacted sectors on account of the pandemic and creating scale to attain efficiencies is vital for the long-term survival of the enterprise and combat the onslaught of digital OTT platforms,” PVR Chairman Ajay Bijli stated in a press launch.

Over-the-top, or OTT, platforms such Netflix (NASDAQ:), Amazon (NASDAQ:)’s Prime Video and Disney have made deep inroads in India, the place the pandemic ravaged a movie business recognized for song-and-dance spectacles watched by tens of millions.

PVR is India’s largest multiplex chain with greater than 850 screens, adopted by INOX Leisure with about 650 screens.

The merger follows a two-year interval when most theatres have been shut attributable to COVID-19 restrictions.

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