PVR INOX to Monetise Real Estate Assets

02 Sep 2024 CW Team

PVR INOX, a leading multiplex operator, announced its plans to close 70 underperforming screens in FY25 and consider monetizing non-core real estate assets in prime locations like Mumbai, Pune, and Vadodara, according to its latest annual report. Although the company intends to add 120 new screens in FY25, it will also shut down approximately 60-70 non-performing ones as part of its strategy for profitable growth.

About 40 per cent of the new screen additions will be in South India, where the company plans to focus strategically due to the region's lower penetration, aligning with its medium to long-term strategy.

Furthermore, PVR INOX is revamping its growth strategy by adopting a capital-light model, aiming to reduce its capital expenditure on new screen additions by 25 to 30 per cent in the current fiscal year.

The company will partner with developers to jointly invest in new screen capital expenditure, transitioning to a franchise-owned and company-operated (FOCO) model. It is also considering monetizing its owned real estate assets as part of its goal to become a "net-debt free" company in the near future.

Managing Director Ajay Kumar Bijli and Executive Director Sanjeev Kumar conveyed to the shareholders that this includes the potential monetization of non-core real estate assets in prime locations such as Mumbai, Pune, and Vadodara.

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