PVR to buy DLF's DT Cinemas for Rs 500 crore in a 'slump sale'

PVR Ltd has said that the company will buy real-estate major DLF's multiplex business 'DT Cinemas' for Rs 500 crore. The company said that this sale is on a slump basis. 

Ajay Bijli, Chairman and Managing Director, PVR Ltd, said, "It has been our strategy to expand our film exhibition business both organically and inorganically over the years. This acquisition is in pursuance of our core strategy to offer a world class cinema experience to the discerning Indian consumer."

DT Cinemas has a presence in National Capital Region and Chandigarh. The company has 29 screens across 8 properties with 6000 seats. 

PVR currently has 467 screens across 105 locations in 43 cities. 

DT Cinemas has plans to add another 10 screens to its portfolio. 

DLF has been trying to cut its debt of over Rs 20,000 crore and selling non-core business has been its strategy for some time now. 

This isn't the first time DLF and PVR agreed to sign on a deal relating to DT Cinemas. 

PVR, in 2009, had agreed to buy DT Cinemas but the deal fell through in February 2010. 

DLF has already exited its luxury resort chain called Amanresorts for Rs 2200 crore and a 74% stake sale in its life insurance venture to Dewan Housing Finance for Rs 250 crore. 

Apart from this, DLF has also exited the wind energy business.