PVR Ltd is a leading and premium Multiplex Cinema Exhibition company. The company pioneered the multiplex revolution in India by establishing the country's first multiplex cinema. The company also earns revenue from in-cinema advertisements/product displays and in-cinema sale of food and beverages. The company is the largest Multiplex Cinema operator by number of screens in India.
The company has four subsidiaries namely CR Retail Malls (India) Pvt Ltd, Sunrise Infotainment Pvt Ltd, PVR Pictures Ltd and PVR bluO Entertainment Ltd. The company operates a film distribution and production business through their subsidiary, PVR Pictures, which acquires and distributes Indian and international films.
PVR Ltd was incorporated on April 26, 1995 as Priya Village Roadshow Ltd, pursuant to a joint venture agreement between Priya Exhibitors Pvt Ltd and Village Roadshow Ltd. The company established the first Multiplex Cinema in India, PVR Anupam, in Saket, New Delhi in June 1997 and they computerized box office operations by selling computerized tickets.
In January 2000, the company commenced single-screen cinema PVR Priya at Vasant Vihar, New Delhi. In April 2001, the company opened a four-screen Multiplex Cinema, PVR Naraina in New Delhi and in November 2002, they opened a three-screen Multiplex Cinema, PVR Vikaspuri in New Delhi.
In the year 2002, as a part of disinvestment, Village Roadshow Ltd sold their entire shareholding to Priya Exhibitors Private Ltd. Hence, the company changed their name from Priya Village Roadshow Ltd to PVR Ltd with effect from June 28, 2002.
In March 2003, the India Advantage Fund-I managed by ICICI Venture Funds Management Company Ltd, invested Rs. 380 million in the company by acquiring 38.45% stake by way of purchase of equity shares from BIPL.
In May 2003, the company opened a seven-screen Multiplex Cinema, PVR Gurgaon at the Metropolitan mall, Gurgaon, Haryana. In the year 2004, they opened India's largest Multiplex Cinema, PVR Bangalore, with eleven screens at the Forum mall, Koramangla, Bangalore.
In May 2004, the company opened PVR Plaza, a single-screen cinema with a heritage ambience at Connaught Place, New Delhi and in November 2004, they commenced operations at the first multiplex under the management fees/franchise model - PVR SRS, a three screen Multiplex Cinema at SRS mall, Faridabad, Haryana. In March 2005, the company opened their Multiplex Cinema, PVR EDM, a three-screen cinema at East Delhi Mall, Uttar Pradesh.
During the year 2005-06, the company commenced operations at three new multiplex projects namely PVR Punjagutta - Hyderabad, PVR Rivoli - Delhi and Spice PVR - Noida. They also commenced operations at five new multiplex properties at Mumbai, Indore, Lucknow and Gurgaon. PVR Pictures Ltd became 100% subsidiary of the company during the year.
During the year, the company made an initial public offering of 7,700,000 equity shares, comprising a fresh issue of 5,700,000 equity shares by the company and an offer for sale of 2,000,000 equity shares by The Western India Trustee and Executor Company Ltd. In January 4, 2006, the company's shares were listed on the National Stock Exchange and the Bombay Stock Exchange.
During the year 2006-07, the company commenced commercial operations form seven new multiplex projects namely, PVR Juhu, Mumbai; PVR Indore, PVR Lucknow, PVR Mulund, Mumbai, PVR Sahara Mall, Gurgaon, PVR Talkies, Aurangabad and PVR Talkies, Latur, Also, they acquired the entire shareholding of Sunrise Infotainment Pvt Ltd thereby making it as a wholly owned subsidiary company.
During the year, the company launched a new brand of cinema called 'PVR Talkies' to cater the demand of the cinema viewing public in class B & C cities at a lower price range for an enhanced movie viewing experience. They opened their PVR Talkies multiplexes at Aurangabad. The company entered into the business of Food Court by launching its first outlet at Sahara Mall, Gurgaon, Haryana by the name of 'PVR Food Union'.
During the year 2007-08, the company commenced operations at four new multiplex projects, thereby adding 16 new screens under operation. The company operates film distribution and production business through its subsidiary, PVR Pictures. is involved in production of Hindi films and distribution of Indian and international films. 'Taare Zameen Par' and 'Jaane Tu ya Jaane na' the first two co-production movies of PVR Pictures, released during the year.
During the year, the company introduced PVR Premiere brand with their first cinema at Select Citywalk Mall in Delhi. The company signed an MoU with Gyan Enterprises Pvt Ltd to enter in to a joint venture through a special purpose vehicle namely Lite Bite Foods Pvt Ltd for the purpose of running, managing and operating Food Courts, Restaurants, Pubs, Coffee Shops etc.
In March 28, 2008, the company incorporated PVR bluO Entertainment Ltd as a subsidiary of the company pursuant to the joint venture with Major Cineplex Group, for carrying out the activities of setting-up and running Bowling Alleys, Karaoke Centers and Ice Skating Rinks across India.
During the year 2008-09, the company and their subsidiaries started commercial operations at Ambience Mall, Ambience Food Court, Chandigarh, Phoenix Mills Limited, Mumbai and Oberoi Malls, Mumbai. In May 2008, Sunrise Infotainment Pvt Ltd opened their multiplex and in December 26, 2008, C R Retail Malls (India) Pvt Ltd opened a multiplex in Mumbai. PVR Pictures Ltd, the wholly owned subsidiary company co-produced a movie namely 'Jaane Tu Ya Jaane Na' with Amir Khan Production Pvt Ltd. In March 12, 2009, PVR bluO opened their first and India's largest 24 lane Bowling Centre with the brand name of 'blu-O' located at prestigious Ambience Mall in Gurgaon.
The company has been pursuing an expansion plan that involves setting up of 42 additional screens in the next year, which will be in line with our strategy to be the major Cinema Exhibition player in the country.
The company filed a scheme of amalgamation entailing merger of Sunrise Infotainment Pvt Ltd, a subsidiary company with the company with the appointed date April 01, 2008 and the Hon'ble Delhi High Court approved the merger on August 4, 2009.