PVR puts multiplex at Mumbai on the block

MUMBAI: Multiplex major PVR is looking for a buyer of its property at Phoenix Mills in central Mumbai for Rs 800 million-Rs 1 billion by the end of this fiscal.

The company will use the amount to fund its future capex needs. "We are looking at sale and lease back of our property at Phoenix Mills. We expect the deal to fetch Rs 800 million-Rs 1 billion," a source said.

PVR expects to post strong performances in the second and third quarters from its exhibition business. The management feels that this segment will be aided by a strong movie pipeline - both domestic and Hollywood - and substantial screen additions.

PVR has added 28 screens and 7,500 seats over the last six months. PVR’s management expects a pipeline of almost 14-15 3D English movies (most of them being sequels) to be released over the next 18-24 months, and contributing 27-28 per cent to the topline, according to a research report by Angel Broking.

PVR Pictures released Aisha, which is estimated to have contributed a net revenue of Rs 200 million. Two more productions are lined up in FY’11. The company has also bagged the pan-India distribution rights for Action Replayy, which will be a Diwali release.

Blu-O is expected to add a 26-lane bowling alley by the fourth quarter of this fiscal, in Vasant Kunj, Delhi. The company is targeting a total of 150 lanes by FY’12 and expects it to be a Rs 800-900 million business.

Angel Broking expects PVR to register 44 per cent CAGR in consolidated topline for the period FY2010-12E. Fuelling this growth will be a 34 per cent CAGR in exhibition revenues, 120 per cent CAGR in PVR Pictures and 80 per cent CAGR in Blu-O.

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