PVR halts operations of 23 screens after lease with Cineline expires

Multiplex operator PVR said on Friday it had halted operation of 23 screens across nine properties after their lease with Cineline India expired.

After that, the number of PVR screens to date dropped to 848 at 172 properties in 73 cities, the company said in a regulatory filing.

“We would like to inform you that on March 31, 2022, the company halted the operation of 23 screens spread across nine properties upon the expiration of their lease with Cineline India Ltd,” he said.

Cineline India, part of the Kanakia Group, had earlier announced its re-entry into the film exhibition business with a new brand identity.

In 2012, Cineline had sold its multiplex business with Cinemax Brand to PVR Limited under a non-competition clause which has already expired.

In addition, Cineline had leased nine properties with 23 screens to PVR under lease and license agreements, on which multiplex operations were handled by PVR.

It plans to start its film exhibition operations in the first quarter of FY23 across nine properties with 23 screens in Mumbai, Thane, Nashik and Nagpur having a total capacity of over 6,000 seats.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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