PVR Cinemas forays into Pune

MUMBAI

: Plaza Centers India, a developer of shopping and entertainment centres, has entered into a strategic alliance with PVR Cinemas to become its multiplex partner. The venture will mark PVR‘s foray in the city.The 400,000 sq ft Koregaon Park Plaza that involves an investment of Rs 500 crore will have a total of 14 lifts and staircases along with three levels of underground parking capable to accommodate 1,100 cars and 950 two wheelers. The new mall will also have an entertainment zone including a world-class bowling alley and a dining area for over 500 people.

Said Plaza Centers president and CEO Ran Shtarkman, “We are proud to launch our first venture in Pune, which will cater to local flavour with international standards and hope to be completely functional by 2011. We plan to follow it up with more such state-of-the-art malls in the country.”

He added that the company planned to invest a total of Rs 3,000 crore in India over the next three years. The company has identified Hyderabad, Cochin, Chennai and Bangalore for their future ventures.

Avered PVR Cinemas Group President Pramod Kumar Arora, “We are extremely delighted by this alliance. Our association with Plaza Centers is based on modern facilities and infrastructure. We will offer six screens and 1500 plus seats.”

PVR Cinemas, which pioneered the multiplex revolution in India with an 11-screen complex, operates 26 cinemas with a total 108 screens in Delhi, Faridabad, Gurgaon, Ludhiana, Ghaziabad, Mumbai, Bangalore, Hyderabad, Lucknow, Indore, Aurangabad , Baroda and Latur.

Plaza Centers,India is an indirect subsidiary of an Israeli company- Elbit Imaging Ltd that is listed on the Tel Aviv Stock Exchange and Nasdaq.