'New Delhi: Multiplex chain operator PVR Ltd Friday said it will invest Rs 150 crore to add 100 more screens this financial year to its existing network of 400 screens spread across the country.
"We plan to open 100 screens this year and it will require an investment of about Rs 150 crore. Our plan is to add 100 screens each year," PVR Ltd Managing Director Ajay Bijli told PTI on the sidelines of CII Big Picture Summit here In the long term, the company is looking at taking its total screen count to 1,000 screens.
When asked where the company plans to set up its new screens, Bijli said: "About 50 percent of the new screens will be in the metros. It will be spread out in Tier-I and Tier-II cities," Bijli added. As part of its expansion strategy, the company had acquired 69.27 percent stake in Cinemax for Rs 395 crore in January this year.
Bijli further said there is a huge shortage of screens in India as compared to developed countries, adding, the industry seeks support from the government and there is a need to bring down entertainment tax in the country.
"Entertainment tax in India is very high. As an industry, we are constantly engaging with the government to lower taxes. Lower costs will also help in increasing screen count in the country," he added. The company reported consolidated profit after tax during the quarter ended June 30, 2013 at Rs 13.9 crore as against Rs 7.8 crore in the same period last year, an increase of 79 percent.