CURRENT AFFAIRS

Detailed explanation-1: -On March 27, PVR and Inox Leisure announced the merger to create the largest multiplex chain in the country with a network of more than 1,500 screens to unlock the opportunities in tier III, IV and V cities, besides in the developed markets.

Detailed explanation-2: -On 27 March, 2022, PVR and Inox Leisure announced their merger. This has been approved by their respective shareholders, creditors as well as leading bourses NSE and BSE. The company expects the remaining formalities to be over by the end of this financial year.

Detailed explanation-3: -The merged entity, to be called PVR-INOX, will become the largest film exhibition company in India, operating 1,546 screens across 341 properties in 109 cities, according to the merger announcement on March 27, 2022.

Detailed explanation-4: -The combined entity will be named PVR Inox while the branding of existing screens of PVR and Inox to continue respectively.

Detailed explanation-5: -PVR Joint Managing Director Sanjeev Bijli said the combined entity would have 3,000 to 4,000 screens in five years. For this, the merged entity would tap newer cities, which were unserved and had huge potential, he said.