NEW DELHI (Reuters) – India’s two largest multiplex corporations stated on Sunday they’d merge to create a large cinema operator with greater than 1,500 screens throughout 109 cities because the leisure trade 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 essential 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, Amazon’s Prime Video and Disney have made deep inroads in India, the place the pandemic ravaged a movie trade recognized for song-and-dance spectacles watched by hundreds of thousands.
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 had been shut as a consequence of COVID-19 restrictions.
(Reporting by Devjyot Ghoshal, Enhancing by Rupam Jain and Edmund Blair)
