Private equity backed film exhibition and distribution company PVR Ltd has entered into a joint venture with Thailand’s Major Cineplex group to open 500 bowling lanes across India. The Indian entertainment firm plans to invest Rs 100 crore in the JV over the next three years.
While PVR will hold the majority stake of 51% in the JV, Major Cineplex will hold the remaining 49%. Global fashion bowling brand ‘Blu-O’ will be set up in India under the JV.
The investment will come from the JV partners’ internal accruals. The JV comes as a part of PVR’s plans to expand PVR’s operations and take it ahead from a film entertainment company to a retail entertainment player. The bowling lanes would be opened in metros and tier-1 cities. The first 24 lane bowlinf outlet is expecte to open in April this year.
Major Cineplex is also exploring opportunities for setting up its own independent entertainment centers in India. According to the Thailand based entertainment firm, many Indian real estate firms have approached it with land offers. The company is keen on opening entertainment centers in Delhi, Mumbai, Bangalore, Kolkata, Chennai and Hyderabad. The firm is now considering various locations for opening entertainment centers similar to Major Cineplex complexes in Thailand.
