History
The Bijli family were the owners of PVR. In 1992, Ajay Bijli's father died at the age of 60. Then in 1994, a fire broke out in the family's trucking company's godown spread over 1,00,000 square feet.
A distributor of Hollywood films put him in touch with Village Roadshow, which wanted to expand in India. Although it was initially undertaken to renovate the Vasant Vihar hall and to convert Priya into a multiplex, but Ajay Bijli began to look for another location and zeroed in on Anupam, in South Delhi’s Saket area, which was extremely dilapidated at the time. Bijli took it on lease and converted it into a four-plex, sowing the seeds of the multiplex phenomenon in the country.
In 2003, Renuka Ramnath, the head of private equity fund ICICI Venture, took the final call in favour of investing Rs 40 crore in Bijli’s PVR Ltd in March 2003 when Australia’s Village Roadshow, had decided to pull out of India and 17 other countries. On 29 November 2012, PVR Cinemas bought 69.27% of the shares of CineMAX from its promoter for 395 crore Rupees, making PVR the largest Cinema-chain in India.
Read more about this topic: PVR Cinemas
Famous quotes containing the word history:
“The history of work has been, in part, the history of the worker’s body. Production depended on what the body could accomplish with strength and skill. Techniques that improve output have been driven by a general desire to decrease the pain of labor as well as by employers’ intentions to escape dependency upon that knowledge which only the sentient laboring body could provide.”
—Shoshana Zuboff (b. 1951)
“Throughout the history of commercial life nobody has ever quite liked the commission man. His function is too vague, his presence always seems one too many, his profit looks too easy, and even when you admit that he has a necessary function, you feel that this function is, as it were, a personification of something that in an ethical society would not need to exist. If people could deal with one another honestly, they would not need agents.”
—Raymond Chandler (1888–1959)
“The second day of July 1776, will be the most memorable epoch in the history of America. I am apt to believe that it will be celebrated by succeeding generations as the great anniversary festival. It ought to be commemorated, as the day of deliverance, by solemn acts of devotion to God Almighty. It ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires and illuminations, from one end of this continent to the other, from this time forward forever more”
—John Adams (1735–1826)