PVR Cinemas with its plans of expanding its presence in India has launched a new cinema format for smaller cities. The entertainment biggie has come up with ‘nano’ cinemas named as PVR Talkies. These cinemas will have an area average of 50 to 60 sq ft. less than the usual area of 30,000 to 40,000 sq. ft. There are plans to open 75 theatres this year and to set up 500 screens by 2015. PVR is all set to heat the Indian market with a target to expand in 40 cities from 20 at present.
The company has tied up with several developers keeping in mind the real estate cost, economies of scale, ticket sales and higher food and beverages income. PVR now owns 93 per cent of the BSE-listed Cinemax.