SMAAASH BUYS PVR’S BOWL­ING AND EN­TER­TAIN­MENT FOR­MAT BLUO

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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.

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