PVR INOX
India's largest multiplex cinema operator, created through the 2023 merger of PVR Cinemas and INOX Leisure.
Last updated August 25, 2026
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Overview
PVR INOX Limited is an Indian cinema exhibition and entertainment company formed in 2023 through the merger of PVR Cinemas and INOX Leisure. The combined business operates multiplexes, premium cinema formats, food and beverage services, and a film distribution arm under the PVR INOX Pictures name. It is headquartered in Mumbai and serves audiences primarily in India, with an operating presence that also extends to Sri Lanka. The company's roots extend to two separate cinema businesses. PVR developed from Priya Cinema, a Delhi cinema hall acquired by Ajay Bijli's family in 1978. After Bijli took over the venue, it was substantially renovated and became the basis for a 1995 joint venture between Priya Exhibitors Private Limited and Australia's Village Roadshow. Commercial operations began in 1997 under the Priya Village Roadshow name, later shortened to PVR. The business is widely associated with the introduction and expansion of the modern multiplex model in India, beginning with its Saket, New Delhi property. INOX Leisure was established in 1999 as part of the wider INOX Group. It opened its first multiplexes in Pune and Vadodara in 2002 and subsequently expanded across major Indian cities. Both businesses grew through organic development, acquisitions, premium formats, and partnerships with international technology and entertainment companies. PVR acquired Cinemax in 2012, while later transactions included DT Cinemas and SPI Cinemas. INOX acquired 89 Cinemas and Satyam Cineplexes, among other assets, and purchased the Luxe Cinemas business in 2022. PVR and INOX announced their merger in March 2022. The National Company Law Tribunal's Mumbai bench approved the transaction in January 2023, and the merged company adopted the PVR INOX name in February 2023. The combination created India's largest multiplex operator and one of the world's largest listed cinema chains by screen count. Legacy venues generally retained their PVR or INOX branding, while properties opened after the merger were branded PVR INOX. The company's offering spans standard multiplex auditoriums and premium concepts such as Gold, IMAX, 4DX, ICE, megaplexes, and large-format or luxury screens. It has also used cinemas as venues for live sports and other alternative content, including screenings of the 2023 ICC Men's Cricket World Cup. PVR INOX Pictures distributes films in India and represents the group's connection to film release and content marketing beyond theatrical exhibition. As of May 2025, the company reported in reference material that it operated 1,743 screens across 352 properties in 111 cities in India and Sri Lanka. Its strategy combines geographic scale with differentiated formats, mall-based locations, technology upgrades, premium food and beverage, and promotional partnerships. The company remains focused on theatrical exhibition in a market shaped by streaming services, changing consumer habits, regional-language cinema, and the continuing development of India's organized retail and leisure infrastructure.
History
PVR INOX is the product of the consolidation of India's two major multiplex businesses, PVR Cinemas and INOX Leisure. PVR's history began with Priya Cinema in Vasant Vihar, New Delhi. The cinema was acquired by Ajay Bijli's father in 1978, and Bijli later assumed responsibility for the venue. After renovation, the business entered a 60:40 joint venture with Australia's Village Roadshow in 1995. Commercial operations began in June 1997 under the Priya Village Roadshow name, which became PVR. The Saket multiplex in New Delhi is associated with PVR's role in establishing the modern multiplex model in India. PVR expanded through new sites, capital investment, premium formats, acquisitions, and content activities. Village Roadshow exited the partnership in the early 2000s, after which ICICI Ventures invested in the company. PVR became publicly listed on India's major exchanges in 2006. It introduced the Gold premium screen concept in 2007 and entered film production and distribution through PVR Pictures, whose early production slate included titles such as Taare Zameen Par and Jaane Tu Ya Jaane Na. The chain added an IMAX site in Bengaluru in partnership with IMAX in 2012, introduced a superplex concept in Noida in 2014, and became an early Indian operator of 4DX in 2016. It later introduced the ICE immersive format in the Delhi National Capital Region. PVR's expansion also included the acquisition of Cinemax India in 2012. Cinemax had operated screens across several Indian cities and its properties were gradually rebranded as PVR venues. PVR acquired DLF's DT Cinemas in 2016 and Chennai-based SPI Cinemas in 2018. These transactions expanded the company's footprint and added established regional cinema assets. INOX Leisure was incorporated in November 1999 as a public company within the INOX Group, whose industrial origins were associated with Industrial Oxygen. INOX opened its first four-screen multiplex in Pune in 2002 and another in Vadodara during the same year. It expanded to Kolkata, Goa, Mumbai, and other markets, and became publicly listed in 2006. In the same year, it acquired 89 Cinemas through a share-swap transaction, gaining multiplexes in West Bengal and Assam. INOX later acquired Satyam Cineplexes for a reported consideration of ₹182 crore, adding locations in Delhi NCR, Mysuru, and other markets. By December 2022, INOX had 170 multiplexes and 722 screens in 74 cities, according to the reference material. The two companies announced their merger on 27 March 2022. The Mumbai bench of the National Company Law Tribunal approved the transaction on 12 January 2023. Completion followed in February 2023, when PVR was renamed PVR INOX. The combination formed India's largest multiplex chain and ranked among the largest listed cinema operators globally by screen count. The integration preserved much of the existing consumer-facing architecture: legacy PVR and INOX properties generally retained their respective names, while new post-merger venues used the PVR INOX brand. The merged company has continued to invest in premium formats, technology, and non-film programming. It introduced a standalone 4K IMAX venue at the restored Eros Cinema in Mumbai in February 2024 and opened a large megaplex at Phoenix Mall of Asia in Bengaluru in April 2024. It has also used cinemas for live sports, including screenings of the 2023 ICC Men's Cricket World Cup, and has pursued partnerships to extend IMAX and develop mall food-court operations. The company's film distribution arm, formerly PVR Pictures, was renamed PVR INOX Pictures after the merger. As of May 2025, the reference material described the network as comprising 1,743 screens across 352 properties in 111 cities in India and Sri Lanka.
- 2024
Premium-format expansion continues
[1]PVR INOX opened a standalone 4K IMAX theatre at Mumbai's Eros Cinema and a South Indian megaplex in Bengaluru.
- 2023
PVR INOX is formed
[1]Regulatory approval was granted in January and the merged company began operating under the PVR INOX name in February.
- 2022
PVR and INOX announce their merger
[1]The two listed multiplex operators announced a proposed combination on 27 March.
- 2018
PVR acquires SPI Cinemas
[1]PVR acquired Chennai-based SPI Cinemas, strengthening its presence in southern India.
- 2016
PVR acquires DT Cinemas and adds 4DX
[1]PVR acquired DLF-owned DT Cinemas and became the second Indian cinema chain to introduce 4DX.
- 2012
PVR acquires Cinemax and opens its first IMAX theatre
[1]PVR acquired Cinemax India and partnered with IMAX to open its first IMAX auditorium in Bengaluru.
- 2007
PVR launches Gold screens and enters film production
[1]PVR introduced its Gold premium format and expanded into film production through PVR Pictures.
- 2006
PVR and INOX become publicly listed businesses
[1]PVR shares were listed on the NSE and BSE, while INOX completed its initial public offering during the same year.
- 2002
INOX opens its first multiplexes
[1]INOX began cinema operations with four-screen multiplexes in Pune and Vadodara.
- 1999
INOX Leisure is incorporated
[1]INOX Leisure was incorporated as a public limited company within the INOX Group.
Products and positioning
A nationwide, multi-format cinema and leisure network positioned around scale, premium theatrical experiences, modern projection and sound technologies, and curated food, beverage, and entertainment offerings.
Cinema exhibition · 2023
PVR INOX multiplexes
The core business is the operation of multiplex properties showing Indian and international films across multiple screens. Venues are located mainly in shopping malls and urban leisure destinations, with legacy properties continuing to use PVR or INOX branding and newer post-merger sites generally using PVR INOX.
Premium cinema · 2007
PVR Gold
Gold is PVR's premium cinema concept, designed to provide a more upscale theatrical experience than a standard auditorium. The format is associated with enhanced seating, hospitality-oriented service, and a more exclusive environment.
Large-format cinema · 2012
IMAX
PVR INOX operates IMAX auditoriums through its partnership with IMAX. The format emphasizes a larger presentation canvas and specialized projection and sound, and the company expanded the concept with a standalone 4K venue at Mumbai's Eros Cinema in 2024.
Immersive cinema · 2016
4DX
4DX adds motion-enabled seating and environmental effects to film screenings. PVR introduced the format in India in 2016, following the earlier launch by Cinépolis.
Immersive cinema · 2022
ICE
ICE is an immersive theatre concept introduced by PVR in the Delhi NCR region. It uses extended visual elements around the main screen to create a more enveloping presentation.
Film distribution · 2007
PVR INOX Pictures
PVR INOX Pictures is the group's film distribution arm. Formerly known as PVR Pictures, it was renamed after the merger and distributes selected films in the Indian market in addition to the group's exhibition activities.
Marketing campaigns
- 2023ICC Men's Cricket World Cup cinema screenings
India
PVR INOX live-streamed matches from the 2023 ICC Men's Cricket World Cup in its cinemas, extending the network's use beyond conventional film exhibition.
Outcome. Expanded alternative-content programming in multiplex venues.
- 2021PVRRR
India
PVR partnered with the film RRR and temporarily rebranded participating cinema properties as PVRRR around the film's release in March 2022. The campaign also included an exclusive non-fungible token collection.
Outcome. Temporary chain-wide promotional rebrand and film marketing partnership.
Brand decisions
2024
Open a standalone 4K IMAX theatre at Eros CinemaProduct launchBackground
PVR INOX continued investing in premium theatrical formats and restored heritage cinema properties.
Action taken
The company refurbished Mumbai's 86-year-old Eros Cinema and launched a standalone IMAX auditorium using 4K projection.
Aftermath
The project broadened the company's premium-format portfolio and linked a heritage venue with contemporary large-format presentation.
2022
Merge PVR Cinemas and INOX LeisureM&ABackground
The two largest Indian multiplex groups pursued a combination to create greater scale in exhibition, premium formats, content, and mall-based entertainment.
Action taken
PVR and INOX announced the merger in March 2022. The transaction received tribunal approval in January 2023 and was completed the following month.
Aftermath
The merged PVR INOX became India's largest multiplex operator. Existing PVR and INOX sites generally retained their legacy identities, while new venues adopted the PVR INOX name.
2018
Acquire SPI CinemasM&ABackground
PVR used acquisitions to deepen its presence in southern India and obtain an established regional cinema brand.
Action taken
PVR acquired Chennai-based SPI Cinemas and later rebranded its properties as PVR.
Aftermath
The transaction expanded PVR's southern Indian network and added the former Sathyam Cinemas operation to its portfolio.
Reported acquisition consideration. ₹850 crore (2018)
2016
Acquire DT CinemasM&ABackground
PVR pursued DLF Group's DT Cinemas as part of its consolidation and geographic expansion strategy.
Action taken
PVR acquired DT Cinemas and subsequently rebranded the properties as PVR.
Aftermath
The acquisition strengthened PVR's position in several established urban markets.
Reported acquisition consideration. ₹500 crore (2016)
2012
Acquire Cinemax IndiaM&ABackground
PVR sought to expand its national multiplex footprint through the acquisition of Cinemax India, which operated 138 screens across 39 properties.
Action taken
PVR acquired Cinemax through Cine Hospitality Private Limited, and the acquired properties were progressively rebranded as PVR cinemas.
Aftermath
The transaction materially increased PVR's presence across western, southern, and northern Indian markets.
Recent events
PVR INOX reports record Q2 earnings[2]
Reported:
PVR INOX reported record Q2 earnings, attributing the quarter’s performance to strong film content and increased consumer spending. It also approved a policy aiming to return about 30% of surplus cash flow through dividends or share buybacks.
Sources2 sources
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