Multiplex operator PVR Tuesday decided not to proceed with the proposed joint venture with Dubai's Al-Futtaim Pvt Co for cinema business expansion in the Middle East and North Africa, according to a regulatory filing. In July last year, PVR had entered into a memorandum of understanding (MoU) with Al-Futtaim Pvt Co to explore opportunities for jointly developing cinema business in the Middle East and North Africa (MENA) region.
It had announced that the two parties would conduct a feasibility study before converting the MoU into a formal joint venture arrangement. "Post conduct of a feasibility study and necessary evaluation, the management has decided not to proceed with the proposed transaction and has decided against deploying any capital in the MENA region for the time being. The MoU with Al-Futtaim stands terminated," PVR said in a regulatory filing.
In December 2017, PVR had said it was scouting overseas destinations for expansion and planned to open its first project in Sri Lanka in the next two years. At present, PVR operates over 700 screens in more than 50 cities in India.