IBEF: November 11, 2019
PVR Cinemas, a leading multiplex chain, launched its first property in Sri Lanka marking its first international venture. The multiplex chain said that it has opened a 9-screen property at Colombo in partnership with the Shangri La Group.
PVR Cinemas had first announced plans to enter Sri Lanka about two years ago.
Mr. Ajay Bijli, Chairman and Managing Director, PVR Ltd. said, "Entering Sri Lanka was part of our business strategy for FY 19-20 and I am happy we have been able to make it happen. The socio-cultural similarity between the two nations makes the scope for business growth clear. The vision has been to introduce new concepts and make regional content more accessible for the audience in Sri Lanka."
He further added, "The Indian film industry has grown exponentially in last few years and has a global fan base that we aim to cater to through innovation and expansion."
In India, PVR is the largest film exhibition company and has a total of 809 screens at 171 properties in 70 cities which includes Sri Lanka.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.