MUMBAI: PVR Ltd (PVR) will acquire a minority stake in US-based luxury restaurant and theatre iPic-Gold Class Entertainment (iPic).  

Upon completion of its initial public offering (IPO), iPic will appoint PVR chairman and managing director Ajay Bijli to the board of directors.

iPic owns and operates 16 luxury theaters with 121 screens across 10 States in the US.

The company informed the Bombay Stock Exchange (BSE) that the board of directors has approved  the proposed investment and the strategic partnership between PVR and iPic,  which will give PVR valuable exposure in  the  American cinema exhibition market.  

The  completion of the proposed investment is subject to receipt of relevant corporate and regulatory approvals.

iPic  had previously announced its intention to file a Regulation A+ IPO that would allow all  of  its loyal   fans  and  theater  goers, along with everyone else, the opportunity to  invest in  its luxury restaurant-and-theatre concept.

Serving 75 million patrons annually, PVR acquired Cinemax in 2012 and had taken over DT Cinemas in the year 2016. Currently, the theatre chain operates a cinema circuit of 600 screens at 131 properties in 51 cities (18 states and 1 Union Territory).