PVR has entered into an agreement for the sale of its Anupam Multiplex property for a total consideration of Rs 52 crores. The company has simultaneously along with the sale also entered into a long term lease agreement with the buyer of the Multiplex property to continue to operate the multiplex property. PVR Anupam is India's first multiplex with 4 screens which opened to public in 1997 and is located at a prime location in Saket, New Delhi. The sale and lease back of the said property is in line with company's strategy to maintain an asset light business model.
The sale and lease back of the said property will provide significant funds for expansion plans of the company and will release substantial capital to fund the future projects. The transaction will also enable the company to improve its ROCE and focus on the core operating business of operating and managing multiplex properties across the country on long term lease basis.
PVR is engaged in the business of film exhibition. The company operates other business such as providing content, film distribution and Entertainment Park through its subsidiaries.
