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SPI Cinemas brought by PVR Cinemas for 850 crore

India's leading multiplex chain PVR Cinemas, owned by Ajay Bijli, have reached a deal with SPI Cinemas and are all set to take over the chain of theatres within the next 2 years. This includes all their theatres like Palazzo, Escape, the iconic Sathyam Cinemas, The Cinema and S2 Cinemas in areas spanning Tamil Nadu, Karnataka, Kerala, Telengana and Seemandhra. The operations, however is expected to continue normally, without any change.

The deal is valued over 850 crore and PVR would acquire 71.7% stake in SPI Cinemas from shareholders. PVR is one of the most well establised multiplexes in India. It must be noted that SPI cinemas are also involved in distribution of films in Tamil Nadu.

SPI Cinemas currently have 76 screens all over India and this transaction will be done in one month and the other formalities will take an year. This, reportedly will make PVR's goal of having 1000 screens in India, come true buy 2020.