1. Dalian Wanda in talks with PVR, Carnival Cinemas to acquire sizeable number of screens in India

Dalian Wanda in talks with PVR, Carnival Cinemas to acquire sizeable number of screens in India

Dalian Wanda is in discussions with PVR, Carnival Cinemas and other smaller regional companies and is keen to acquire a sizeable asset of at least 300 screens.

By: | Updated: September 8, 2016 5:51 PM
Dalian Wanda is the biggest private property developer and the world's largest cinema chain operator, owning Wanda Cinemas, and the Hoyts Group. Dalian Wanda is the biggest private property developer and the world’s largest cinema chain operator, owning Wanda Cinemas, and the Hoyts Group.

DalianWanda group is in talks with multiple players to enter Indian market. Sources told ET Now that Chinese multinational conglomerate is in discussions with PVR, Carnival Cinemas and other smaller regional companies and is keen to acquire a sizeable asset of at least 300 screens. It is also looking to pay 13-15 times EBIDTA multiples of existing valuations. Dalian Wanda is the biggest private property developer and the world’s largest cinema chain operator, owning Wanda Cinemas, and the Hoyts Group. The company operates in four major industries—commercial property, luxury hotels, culture and tourism, and department stores. It has already announced its massive India investment plans last year – $10 billion over the next 10 years – to construct industrial townships and retail properties. This July, it has reportedly made an $8 billion to $10 billion offer to acquire iconic Hollywood’s iconic Paramount Pictures.

Growing mainly through acquisitions, PVR Cinemas is one of India’s most trusted brands that attract large chunk of film viewers in a country. From a single cinema hall in South Delhi, the company has become India’s largest film exhibition chain with presence in 17 states with 553 screens. The company was earlier known as Priya Cinema in Delhi, which was taken over by Ajay Bijli’s father in 1978. Prior to that, the Bijli family used to run a transport and logistics firm called Amritsar Transport Company. At the age of 23, Ajay Bijli, the current chairman and managing director, assumed the charge of the cinema business and totally revamped the operations. The company initially was a 60:40 joint venture between Priya Cinemas and Australian media major Village Roadshows. Combining both companies, the new film exhibitor was renamed as PVR.

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