DLF Utilities (DUL), a subsidiary of DLF, has executed an amendment agreement on 30th May, 2016 with PVR in connection with sale of the cinema exhibition business (operated under the brand name of DT Cinemas) on a slump sale basis for a revised consideration of Rs 433 crore (Rs 100 crore of which to be received upon satisfaction of certain Conditions Subsequent).
The Amendment Agreement, inter alia provides for exclusion DT Savitri (1 screen) and DT Saket (6 screens) from the aforementioned transaction. Accordingly, subject to satisfaction of statutory, regulatory and other customary conditions precedent, the DUL proposes to sell 32 screens in National Capital Region and Chandigarh to PVR. Earlier on June 09, 2016, DUL had entered into definitive agreements for sale of its cinema exhibition business operated under the brand name of DT Cinemas, to PVR.
DLF is one of India’s largest real estate companies that has over 60 years of track record of sustained growth, customer satisfaction, and innovation. The company has 288 million square feet (approximately) of development potential with 45 million square feet of projects under construction.