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Construction : Deals | October 2013 | Source : Construction Update

PVR sells its iconic Anupam Cine Complex in Delhi

According to a filing in Bombay Stock Exchange, multiplex chain operator PVR has sold its iconic Anupam Cine Complex in South Delhi for Rs 52 crore to an undisclosed buyer. PVR Anupam marked India's first Multiplex four-screen cinema, when PVR opened it in 1997. PVR has also entered into an agreement with the same buyer to lease back the property to operate the multiplex. The filing said that the funds generated from the sale and lease would help the company to fund its expansion plans and future projects. The sale is in line with its asset light strategy to improve its ROCE and focus on the core operating business of operating and managing multiplex properties across the country on long-term lease basis.
 
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