 "Pramod Arora")
Pramod Arora, group president of PVR, has quit the multiplex chain to join Everstone Capital, an India-focused private equity (PE) fund, at a senior position.
With assets under management of $2 billion, Everstone Capital was founded by Sameer Sain and Atul Kapoor in 2006. Sain is the former joint venture partner of Kishore Biyani in Future Capital Holdings.
According to sources in the know, Arora’s move is significant for Everstone in the backdrop of the PE firm’s discussion to acquire a significant minority stake in Subhash Chandra-owned multiplex chain, Fun Republic, which operates 87 screens across 17 cities in India. Fun Republic is the multiplex arm of Essel Group’s movie exhibition business.
Arora, who spent about 18 years at PVR, India’s largest multiplex chain, has expertise in finance, human resource management, corporate social responsibility, and public relations.
Besides his experience in the cinema field, he also had a one-year stint at Oberoi Realty as chief operating officer. Arora’s experience in retail, real estate and media space would give a fillip to Everstone Capital’s future investments, sources added.
Under Arora’s leadership, PVR has grown as the market leader in multiplex space with 444 screens across the country. Under him, PVR made a buyout of Cinemax for Rs 395 crore in 2012. The buyout had added 135 screens to its kitty. Currently, PVR is executing its plan to add 66 screens (that makes it a total of 510 screens) across 13 properties in the current financial year. PVR has already added 23 screens in the first quarter. When contacted, PVR confirmed that Pramod was no longer associated with the company. “He stepped down as group president with effect from September 1,” PVR said in its response.
An email questionnaire sent to Everstone Capital went unanswered.
Everstone, which has interest in consumer, retail and food sectors, has invested in fashion house Ritu Kumar, VLCC Healthcare, Tikona Digital, Future Media, Future E-commerce, YLG Salon, F&B Asia Ventures, Blue Foods, Capital Foods and Sula Vineyards.
It had recently formed a joint venture with the Burger King brand in India.
In PVR, PE firms L Capital and Renuka Ramnath’s Multiples together hold 28 per cent stake. with 15 per cent and 13 per cent, respectively. The PE firms had invested Rs 235 crore for PVR’s acquisition of Cinemax.
A ROAR OF CHANGE
- Arora’s move is significant for Everstone in the backdrop of its discussion to acquire minority stake in Subhash Chandra-owned multiplex chain Fun Republic, sources say
- Arora, who spent about 18 years at PVR, has expertise in finance, human resource management and CSR & public relations
