Edited By: Namit Singh Sengar
Last Updated: January 12, 2023, 20:16 IST
PVR-Inox merger has been approved by the National Company Law Tribunal, Mumbai on Thursday. PVR has confirmed the latest development.
“This is with reference to our earlier communications with respect to the Scheme of Amalgamation between INOX Leisure Limited (“Company/Transferor Company”) and PVR Limited (“Transferee Company”) under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (“Proposed Scheme”),” PVR said in a statement.
“In this regard, we would like to inform you that Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench, has allowed the Proposed Scheme today i.e.,
12th January 2023. The copy of detailed order is awaited and the same shall be disclosed to the Stock Exchanges as and when received by the Company,” the statement added.
Last year on March 27, PVR and Inox Leisure announced their merger. This has been approved by their respective shareholders, creditors as well as leading bourses NSE and BSE.
PVR aims to operate 1,000 screens by the end of FY24, by adding 100 more screens in the next 15 months, the company’s joint managing director Sanjeev Kumar Bijli said.
The company, which on Monday achieved the milestone of 900 screens, would invest around Rs 300 crore to add another 100 screens, Bijli said.
As part of the expansion, the company is entering into newer cities, especially in the south and east parts of the country, where it has a negligible presence.
PVR is looking for smaller cities, which are unserved and have “high potential”, said Bijli.
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