SMAAASH BUYS PVR’S BOWLING AND ENTERTAINMENT FORMAT BLUO
Multiplex operator PVR today said it has sold its premium bowling and entertainment format bluO entertainment to Smaaash Entertainment for Rs 86 crore. “PVR has entered into definitive agreements with Smaaash Entertainment to sell its stake in bluO entertainment, a premium bowling and entertainment format operated by the company,” it said in a statement. bluO is a joint venture between PVR and Major Cineplex Group of Thailand, in which the Indian firm owns 51 percent stake, while the balance 49 percent is with the latter. “Smaaash has acquired 100 percent stake in bluO entertainment through a cash acquisition deal,” it said.
“The sale of bluO is in line with our strategy to divest all non-core assets and focus on our core cinema exhibition business. We are pleased to sell the business to Smaaash, which is a leader in the retail and entertainment space in India and the US,” Chairman cum Managing Director, PVR, Ajay Bijli said. “The acquisition of bluO is a significant step in doubling Smaaash’s scale in India’s fast-growing retail entertainment space,” Chairman, Smaaash Entertainment, Shripal Morakhia said.