PVR Limited and INOX Leisure Announce Merger, Set to Combine Operations
The new entity will be named PVR INOX Limited, but the names of existing cinemas will be retained.
INOX, PVR, announce merger.
(Photo Courtesy: Twitter)
After a board meeting at the respecitve companies on Sunday, 27 March 2022, it was decided that PVR Limited and INOX Leisure Limited would merge their operations in an all-stock amalgamation.
The merger will form a large company with over Rs 16,000 crore market cap, according to Moneycontrol. Steady competition from OTT platforms combines with the slowdown in operations owing to the pandemic are believed to be reasons behind this merger.
According to the press release, Pavan Kumar Jain from INOX will be appointed as the non-executive chairman of the new board while PVR's Ajay Bijli will be the managing director of the new entity. The two organizations combined will be named PVR INOX Limited, but the branding and marketing will be retained; which means the names of the theatres will remain as it is. Only new cinemas opened post the merger will be called PVR INOX.
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