According to a press release, this partnership will help DIL and PVR INOX reach a wider audience and expand their market presence. Devyani International operates KFC, Pizza Hut and Costa Coffee outlets in India.
Industry reports quote Ravi Jaipuria, Non-Executive Chairman, DIL as saying, "This partnership further consolidates DIL’s position in the food courts business in India and has paved the way for additional growth and expansion opportunity. We are elated to have embarked on yet another association with PVR INOX and elevated our collaboration. DIL is committed to expanding its food courts business in India as one of the strategic future growth pillars."
Ajay Bijli, Managing Director, PVR INOX Limited added, “Devyani and PVR Inox shall invest in the equity share capital of the proposed company in the ratio of 51:49, respectively. The proposed company shall inter alia undertake business relating to development and operation of food courts situated within shopping malls in India.”
He further added, “Through this opportunity PVR INOX will be able to pivot into pre-ticketed F&B revenue stream as opposed to the current post ticketed F&B revenue that’s very movie line up dependent. It is our first of the many steps we intend to take to further expand our F&B business. Also, our ability to co-promote both movies and food to 150 million audience would be the USP of this collaboration."
