Chennai's iconic SPI Cinemas changes hands
- IndiaGlitz, [Monday,August 13 2018]
For many years Chennai based Sathyam Cinemas aka SPI Cinemas has been serving movie goers with the best theatrical experience with their world class standards in all their properties in the city and other locations. The chain of cinema halls has been acquired by PVR Cinemas for a cash cum stock deal of 850 Crores.
Ajay Bijli the Chairman cum Managing director of PVR has stated that “This transaction is a significant step in helping us achieve our vision of having 1000 screens by 2020,” Bijli said. SPI Cinemas owner Kiran Reddy and Swaroop Reddy will still hold 30 percent share in the properties and continue to serve as advisers according to reports. In Chennai PVR's screens are present in Ampa Skywalk Mall, Grand Galada near Airport, Grand Mall in Velacherry and VR Mall in Anna Nagar. SPI properties include Sathyam Cinemas, Escape, Palazzo, S2 Perambur, S2 Theyagaraja and The Cinema, Coimbatore and Mumbai.