Moneycontrol
Last Updated : Jul 10, 2018 02:35 PM IST | Source: Moneycontrol.com

PVR stock up 1% on JV with Al-Futtaim for business in West Asia & North Africa

PVR said both companies will work together over the next few months to undertake a feasibility study and convert this memorandum of understanding into a formal joint venture arrangement.

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PVR share price gained a percent intraday on Tuesday after signing joint venture agreement for business expansion in West Asia and North Africa.

The film exhibition company has entered into a non-binding memorandum of understanding with Dubai-based firm Al-Futtaim Private Company LLC for exploring opportunities to jointly develop cinema business in the Middle East and North Africa region.

PVR said both companies will work together over the next few months to undertake a feasibility study and convert this memorandum of understanding into a formal joint venture arrangement.

Commenting on the partnership, Ajay Bijli, Chairman and Managing Director, said, "We see a great opportunity in taking the PVR brand to the MENA region, particularly expansion in UAE and entry in Saudi Arabian market which has recently decided to open up cinema industry.

At 14:25 hours IST, the stock price was quoting at Rs 1,384.60, up Rs 7.95, or 0.58 percent on the BSE.
First Published on Jul 10, 2018 02:35 pm
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