Even as a host of movie theaters in Bangalore are facing a bleak future over the agitation against non-Kannada movies, New Delhi-based PVR Cinemas on Friday announced the opening of India's largest multiplex in Bangalore.
Armed with 11 screens and with an investment of close to Rs 30 crore (Rs 300 million), PVR is betting on its unique movie going experience to sustain the operation.
Said Ajjay Bijli, MD, PVR Cinemas: "We had already committed to Bangalore before the agitation started with big investments. How long can any business hold on without running its operation after committing to this scale? We will not go against the moratorium and we will differentiate by offering a good movie going experience."
This multiplex is built over 1,20,000 square feet, has a around 2,000 seats and will also have "a first of its kind two exclusive auditoriums each with 32 plush fully reclining seats."
The tickets ranges from between Rs 80-Rs 500.
Added Bijli: "Bangalore is the silicon valley of India and the hottest investment destination for leading Indian and foreign companies. In keeping with the cosmopolitan blend of the city, it was natural for PVR to open India's largest multiplex in Bangalore. We hope to dazzle and delight the people with world class cinema experience."
He further added that based on the response the multiplex gets, PVR will evaluate other locations in the city.
After opening in Bangalore, its second destination after having seven cinemas in Delhi, PVR is stepping on the gas for a nationwide expansion. The company is implementing projects in Mumbai, Hyderabad, Indore, Chennai and Punjab which will see it having a total of 75 screens by the end of this fiscal.
The company is also looking at raising close to Rs 150 crore (Rs 1.50 billion) for the expansion through private equity route in two phases in the near future.
ICICI Ventures has already invested Rs 38 crore (Rs 380 million) in the first round of PVR's expansion. PVR has achieved a topline of Rs 63 crore (Rs 630 million) during 2003-04 and is targetting to scale upto Rs 350 crore (Rs 3.50 billion) in the next three years.
