Multiplex operator PVR on Thursday said it will acquire a minority stake in US-based luxury restaurant and theatre company iPic Gold Class Entertainment LLC (iPic) for an undisclosed sum, a move that would give PVR exposure in the cinema exhibition market of the US. iPic owns and operates 16 luxury theatres and 121 screens across 10 states in the United States. The Board of Directors approved the proposed investment and strategic partnership between PVR and iPic, PVR Ltd said in a regulatory filing.
The completion of investment is subject to relevant corporate and regulatory approvals.
Besides, iPic has agreed to appoint PVR Chairman and Managing Director Ajay Bijli to its board of directors after its planned initial public offering that it had announced earlier.
PVR Ltd stock closed 0.47 per cent up at Rs 1,390.50 on BSE.