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pvr share: PVR Inox inks pact with Devyani International for development and operation of food courts in India

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Multiplex operator PVR Inox and Quick Service Restaurant (QSR) operator Devyani International signed an agreement to incorporate a new company for development and management of food courts in India’s shopping malls, PVR Inox informed the exchanges on Tuesday.

Once incorporated, Devyani and PVR INOX will invest in the share capital of the proposed company, in the ratio of 51:49 respectively.

Further as part of conditions of the said agreement, existing food court businesses in shopping malls that are currently in operation by Devyani or PVR INOX will not be a part of company’s business till expiry or termination or in case of renewal of contracts.

The companies have also stated that Directors will be appointed in the proposed company as per the Shareholders’ Agreement.

The shares of PVR Inox and Devyani International were trading at Rs 1,296.80, down 1.43 per cent and Rs 156.15, up 0.51 per cent respectively as of 02.05 pm.

PVR INOX and Devyani are leading players in the entertainment and food industry respectively. PVR INOX operates multiplexes and cinemas, while also involved in film production and distribution, boasting 1,748 screens across 361 properties in 112 cities. Devyani, on the other hand, is a Quick Service Restaurant (QSR) operator, serving as the largest franchisee for Yum Brands (KFC & Pizza Hut) in India, along with being the sole franchisee for Costa Coffee. Additionally, it caters to South Indian vegetarian food lovers with its Vaango brand and operates food courts, with a presence in over 250 cities across multiple countries.

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