PVR to buy 69% stake in Cinemax

PVR would acquire 69.3% stake in Cinemax India for an amount of Rs 395 crore in order to expand its business in India. Cinemax is owned by Kanakia Group.

  • The acquisition would make PVR the largest multiplex chain in India.

PVR:

  • Priya Village Roadshow (PVR) Cinemas
  • Began as a joint venture agreement b/w Priya Exhibitors Private Limited and Village Roadshow Limited in 1995 with 60:40 ratio
  • Commenced its commercial operations in June 1997 with the launch of PVR Anupam in Saket
  • PVR Anupam in Saket, South Delhi, was India’s first multiplex
  • Introduced the multiplex concept in India

Month: Categories: Business, Economy & Banking

Tags:

Egyptian parliament passes draft constitution

Parliament of Egypt passed the draft of country’s constitution amid protest. The document with more than 230 articles was voted article by article. The draft is being criticized for its vague language on human rights, minority rights and freedom of expression, as well as its concentration on enshrining sharia law as the basis for legislature. It also safeguards army privileges that revolutionary forces want annulled, including the ability to try civilians in military courts.

The draft will now be put before country for referendum. In case, if the draft gets rejected, it would be returned to the drafting committee. Morsi and the drafting committee will keep the extraordinary powers until a constitution is passed and a parliament is elected.

Month: Categories: International

Tags: