PVR, INOX merger: Top multiplex players announce merger; who will be MD of combined entity?

PVR INOX Limited: In a major development, the top multiplex players PVR and INOX on Sunday announced a merger after meetings held between the Board of Directors of PVR Limited and INOX Leisure Limited.

After the PVR and INOX's merger, it has been decided that Ajay Bijli will be the Managing Director of the combined entity, LIkewise, Sanjeev Kumar will take charge as the Executive Director.

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Pavan Kumar Jain, the Chairman of INOX Group would be appointed as the Non-Executive Chairman of the Board while Siddharth Jain would be the Non-Executive Non-Independent Director in the combined entity.

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Notably, the combined entity would be named 'PVR INOX Limited'. However, the branding of existing screens would continue to be as PVR and INOX, respectively. Meanwhile, the new cinemas that would be opened post the merger will be named PVR INOX.

Once the merger becomes effective, the PVR promoters would have a 10.62 percent stake while the INOX promoters will have a 16.66 percent in the combined entity.

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As per reports, the PVR currently operates 871 screens across 73 cities while INOX operates 675 screens across 72 cities. Thus, the combined entity, once become effective, will become the largest multiplex company in the country with 1,546 screens across 109 cities.