The deal was announced to the Bombay Stock Exchange on Thursday after being approved by the PVR board of directors.
Neither the scale of the finance, nor the size of the share stake were revealed. However, PVR said that its chairman and MD Ajay Bijli is expected to be granted a seat on iPic’s board following the company’s initial public offering. IPic has previously announced plans to file a Regulation A+ IPO.
IPic operates a casual restaurant, a bar and 16 luxury theaters, with a combined 121 screens, in 10 states. “iPic’s multi-faceted guest experience of dining, drinking and watching a movie in a luxurious setting, supported by ever changing Hollywood movies and other non-traditional content (such as concerts and eGaming) has helped to create a differentiated brand,” PVR said in its statement.
IPic last year grabbed headlines following a deal with Netflix that saw it announce plans to screen 10 movies in its theaters simultaneously with their debut on the streaming platform. The National Association of Theater Owners warned against breaking down the traditional release windows.