PVR acquires Chennai's SPI Cinemas for $91m to widen reach

PVR Ltd on Sunday said it has agreed to buy a 71.7% stake in SPI Cinemas Pvt. Ltd for Rs633 crore—a move that will help India’s largest multiplex operator boost its presence in the lucrative south Indian market. The acquisition of SPI, the largest cinema exhibitor in south India, will make PVR the seventh largest cinema exhibitor in the world. On completion of the acquisition, PVR’s total screen count will increase to 706 across 152 properties and 60 cities. PVR had acquired Cinemax in 2013, followed by the acquisition of DT Cinemas in 2016.