PVR Ltd and Major Cineplex Group of Thailand have signed a 51:49 joint venture pact to bring lifestyle entertainment concepts to Indian consumers. The joint venture would set up bowling alleys, karaoke centers, ice skating rinks and gaming zones across the country, providing advertisers with another outdoor platform to promote brands. The JV was signed in Bangkok on February 12 between Vicha Poolvaraluck, Chairman and MD, Major Cineplex Group Ltd, and Ajay Bijli, CMD, PVR Ltd.
Commenting on the association, Bijli said, “This is another step towards our continuous efforts to evolve PVR from a film entertainment company to a retail entertainment player with a focus on enhancing the out-of-home entertainment experience for our patrons.”
“We aim to provide world-class lifestyle entertainment concepts to Indian consumers, tapping on the changing consumer preference patterns owing to increased exposure to global standards. PVR Blu-o will bridge the gap of higher aspirations vis-à-vis lack of organised OOH entertainment experience in India, which will provide a further fillip to leisure related activities,” Bijli further said.
PVR Blu-o intends to set up bowling alleys, karaoke centers, ice skating rinks and gaming zones in and around its multiplexes to complete the OOH experience for Indian consumers.
PVR had earlier signed an MOU with Lite Bite Concepts (P) Ltd to set up food courts across the country. With its entire basket of retail entertainment options, the company is now uniquely positioned as a one-stop shop for offering retail entertainment concepts to various mall developers across the country.
Speaking on the partnership, Poolvaraluck said, “The purpose of setting up this new joint venture company is to advance the bowling business in India. PVR will have a 51 per cent stake in the JV, with Major Cineplex Group holding the remaining 49 per cent stake.”