The Delhi-based Priya Village Roadshow (PVR) has plans to set up its first multiplex in Mumbai by October 2003. The company has already identified land in Mumbai for this project.

The 11-screen multiplex would come up on the Western Express Highway in Goregaon in Mumbai. It would entail an investment of around Rs.2 crore per screen. The investment required would be a combination of debt, accruals and equity.

The company has already tied up with Oberoi Builders for the project. The project, which is yet to be named, is expected to carry the PVR brand name.

The company has also identified site at Juhu (5 screens), Phoenix Mills (10 screens), and two more sites of 5 and 10 screens each.

PVR has also plans to develop a 11-screen multiplex at Koramangala in Bangalore. The multiplex will be a part of ‘The Forum Mall’, which will have retail showrooms, food courts and an entertainment section.

It may be noted that ICICI venture would invest Rs.38 crore in PVR, the balance would come by way of Rs.40 crore debt funding, and the rest in accruals.

PVR set up its first multiplex, PVR Cinemas 4 – Saket, in 1997 in New Delhi. This was followed by others, viz, PVR Priya, PVR Naraina and PVR Vikaspuri.

The company was originally set up as a 60:40 joint venture between Priya Exhibitors and Village Roadshow of Australia. However, recently, the Indian partner acquired the Australian company’s 40 per cent stake in the venture.