Share prices of PVR and INOX jumped to a record high on Monday after the country’s two largest multiplex firms had announced a merger. While the PVR share price soared 10 per cent and INOX’s share price jumped 20 per cent to a record high, according to a Reuters report.

PVR and INOX said on Sunday that the merger, which is subject to regulatory approvals, would help both companies improve efficiency, reach newer markets and optimise cost. The merger would create a giant cinema operator with more than 1,500 screens across 109 cities.


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The announcement came the entertainment industry recovers from the Covid-19 pandemic.

“The film exhibition sector has been one of the worst impacted sectors on account of the pandemic and creating scale to achieve efficiencies is critical for the long-term survival of the business and fight the onslaught of digital OTT platforms,” PVR Chairman Ajay Bijli said in a press release.

Over-the-top, or OTT, platforms such as Disney-Hotstar, Amazon Prime Video, and Netflix have made deep inroads in India.

PVR is India’s largest multiplex chain with more than 850 screens, followed by INOX Leisure with about 650 screens.

The merger follows a two-year period when most theatres were shut due to pandemic-induced restrictions.


India today