PVR Limited, India’s largest theater chain, said it agreed to acquire a minority stake in US-based luxury restaurant-and-theater company iPic-Gold Class Entertainment, LLC.
The US company operates 16 luxury theaters with 121 screens across 10 States in the United States, PVR said.
Ajay Bijli, Chairman and Managing Director of PVR, will join the board of directors of the US company after it completes its planned initial public offering. iPic has already announced its intention to file a Regulation A+ initial public offering, the Indian company said.
It did not reveal how much was being invested or how much of a stake it will get. However, the stake will be revealed in the IPO document that the American company files in due course.
The idea is to give PVR valuable exposure in the cinema exhibition market of USA, the company said.
iPic’s facilities blend three distinct areas – a polished-casual restaurant, a farm-to-glass full-service bar, and world-class luxury theater auditoriums – into a one-of-a-kind experience.
“iPic’s multi-faceted guest experience of dining, drinking and watching a movie in a luxurious setting, supported by ever changing Hollywood movies and other non-traditional content (such as concerts and eCaming) has helped to create a differentiated brand,” PVR said.