India's largest multiplex chain PVR Cinemas and the second largest INOX leisure have announced their merger after boards of both the groups met on Sunday March 27th. The newly formed company will be known as PVR INOX Ltd and new properties developed fron now on will come under it. The existing properties will continue as PVR and INOX.

Once the merger is approved Inox will become the largest shareholder of the new company holding 16.66 percent stake while PVR will be holding 10.62 percent. The share exchange ratio will be three shares of PVR swapped for ten shares of Inox.

PVR founder Ajay Bijli will serve as the Managing Director of the new company while Sanjeev Kumar will be the executive director and Pavan Kumar Jain the non-executive chairman of the consolidated board.

PVR currently operates 871 screens across 181 properties in 73 cities, while INOX has 675 screens across 160 properties in 72 cities. The new entity will now have a massive 1546 screens across the country as more screens are planned for the future.

Carnival Cinemas and Cinepolis India, the next big players after the big two have around 450 and 417 screens, respectively. A few years back PVR bought Chennai based Sathyam Cinemas for rupees 850 Crores. The company was also in talks to acquire Cinepolis but it is unclear whether the deal will go through now.

INOX Leisure Limited and PVR Limited Announce Merger

Merger to bring together two of India’s best cinema brands to deliver an unparalleled consumer experience with a network of more than 1500 screens #PressRelease @_PVRCinemas pic.twitter.com/H0LCm6T7MJ

— INOX Leisure Ltd. (@INOXMovies) March 27, 2022