Multiplex operator PVR has entered into a memorandum of understanding (MoU) with Dubai's Al-Futtaim Pvt Co to explore opportunities to jointly develop cinema business in the Middle East and North Africa (MENA) region.
PVR in a regulatory filing said both parties will work together over the next few months to undertake a feasibility study and convert the MoU into a formal joint venture arrangement.
In December last year, PVR had said it was scouting overseas destinations for expansion and planned to open its first project in Sri Lanka in next two years.
"PVR Ltd has entered into a non-binding Memorandum of Understanding with Al-Futtaim Pvt Co LLC, a Limited Liability Company established under the laws of Dubai for inter alia exploring opportunities to jointly develop cinema business in the Middle East and North Africa (MENA) region and subject to a feasibility study, entering into a joint venture arrangement" the company said in the filing.
At present, PVR operates over 600 screens in 52 cities in India.
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