Smaaash Entertainment acquires bluO

09 Aug,2017

By A Correspondent

 

PVR Ltd has announced that it has entered into definitive agreements with Smaaash Entertainment Private Limited (Smaaash) to sell its stake in bluO entertainment, a premium bowling and entertainment format operated by the company. As part of its national expansion plans, Smaaash has acquired 100 per cent stake in bluO entertainment through a cash acquisition deal.

 

bluO is a joint venture between PVR Limited and Major Cineplex Group of Thailand in which PVR owns 51 per cent stake with balance 49 per cent stake held by Major Group. The acquisition marks the doubling of the area under Smaaash management from 276,000 square feet to approximately around 600,000 square feet in India.

 

Commenting on the deal Ajay Bijli, Chairman cum Managing Director, PVR Ltd., said: “The sale of bluO is in line with our strategy to divest all non-core assets and focus on our core Cinema Exhibition business. It is also reflective of the value embedded in our core assets and demonstrates our commitment to increase shareholder value and provide management a more focused approach for enhancing value in exhibition business. We are pleased to sell the businessto Smaaash, which is a leader in retail and entertainment space in India and the US; and believe that they will take the business to even greater heights.

 

Commenting on the deal, Shripal Morakhia, Chairman & Chief Imagination Officer, Smaaash Entertainment Private Limited, said:“The synergies between both brands are deeply symbiotic in creating a network of centers in key cities that are designed as destinations with a relentless focus on wholesome sports, active life, and adventure for urban citizens.”

 

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