Multiplex chain operator PVR expects to add at least 23 screens in the current financial year to take the total to 500 in the same fiscal.
“Our target is to reach 1,000 screens quickly. The shorter target is to get to 500 screens in this financial year and then look at going to 1,000 screens,” PVR Cinemas Chief Operating Officer Gautam Dutta told the news agency here.
PVR currently operates 477 screens across 44 cities in the country.
It has four brands across different price points - PVR Talkies, PVR Cinemas, PVR Premium and newly launched PVR Icon.
Dutta said the new screens will largely be in PVR Cinemas and PVR Premium. The company has a capex of Rs200 crore this fiscal, which includes Rs135-140 crore for new projects and the remaining for renovation and the cost of each new screen is around Rs2-2.5 crore.
It recently launched the PVR Icon brand, which is an ultra-premium category, at one of its multiplexes at a suburban mall here with an investment of Rs25 crore, Dutta said, adding that they will be launching PVR Icon in Bengaluru and Pune in the next fiscal, taking the total to three properties under the newly-created brand.