PVR Cinemas, the film exhibition company, will likely invest up to Rs 350 crore to open 100 new screens in FY23. PVR also expects its mega-merger with Inox Leisure by February 2023. After the merger, it will start to run as a combined business.

PVR’s chief executive Gautam Dutta said patrons are returning to halls to enjoy the cinema experience. The food and beverage sales are also up, making it more optimistic about expansion.

He further said the company would invest up to Rs 350 crore to open 100 screens in FY23. Approximately 60 per cent of the new screens will be in cities where PVR Cinemas already has a presence, while the rest will be in newer ones. The investments will be funded by cash balances from internal accruals and some debt. Dutta pointed out that it had a manageable debt position at Rs 1,450 crore at the end of June.

He added that the company is not looking at any inorganic growth opportunities. It will be focusing on getting the merger with Inox through. He reported that in Q1, PVR had about 2.5 lakh patrons visiting cinema halls for the movie experience.

Founded in 1997 by Ajay Bijli, PVR Cinemas pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 in New Delhi. Formerly known as Priya Village Roadshow Ltd, it is headquartered in Gurugram.