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Photograph: Francis Mascarenhas/Reuters
For those who love the theatre experience of watching movies, here’s some bad news.
PVR INOX plans to shut down 70 non-performing screens.
According to a report in the Economic Times newspaper, PVR INOX plans to go for potential monetisation of non-core real estate assets in prime locations in Mumbai, Pune and Vadodara.
Last month, Mumbai’s iconic Paradise cinema shut down due to lack of audiences; news reports indicated that the land on which Paradise — which was built in 1940 — stands will turn into a car parking zone.
PVR INOX will add 120 screens, the Economic Times report added, of which 40 percent of the screens will be located in South India.
