New Delhi [India], May 14 : PVR INOX has tied up with Devyani International Limited (DIL), to open food courts in shopping malls across India. Devyani International is one of the largest Quick Service Restaurant operators in India and PVR INOX, is the largest and the most premium cinema exhibitor in India.
In a stock exchange filing, DIL and PVR INOX have announced to form a new company in India to develop and operate food courts within shopping malls in India.
Devyani and PVR INOX shall invest in the equity share capital of the proposed company in the ratio of 51:49, respectively. Existing food court businesses in shopping malls that are currently in operation by Devyani or PVR INOX shall not form part of the proposed company's business till the expiry/ termination/ renewal of such contracts.
"This partnership further consolidates DIL's position in the food courts business in India and has paved the way for additional growth and expansion opportunity. We are elated to have embarked on yet another association with PVR INOX and elevated our collaboration. DIL is committed to expanding its food courts business in India as one of the strategic future growth pillars" said Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited.
Commenting on the partnership, Ajay Bijli, Managing Director, PVR INOX Limited said "We are happy to announce this strategic association, with Devyani International Limited (DIL), a partner we truly admire. Through this opportunity PVR INOX will be able to pivot into pre-ticketed F&B revenue stream as opposed to the current post-ticketed F&B revenue that's very movie line up dependent. It is our first of the many steps we intend to take to further expand our F&B business. Also, our ability to co-promote both movies and food to 150 million audience would be the USP of this collaboration."
Devyani International is the largest franchisee for Yum Brands (KFC & Pizza Hut) in India. Devyani is also the sole franchisee for Costa Coffee Brand and stores in India. DIL also caters to the South Indian vegetarian food with Vaango, in the Food Retail Business. Devyani operates 1,750 stores across brands in over 250 cities in India.
Whereas PVR INOX is India's largest film exhibition company with 1748 screens across 360 properties in 112 cities.
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