India’s leading multiplex players PVR and Inox on Sunday announced their merger after meetings of their board of the directors. The respective boards of the two companies approved an all-stock merger of Inox with PVR.
The merger though is yet to receive approval from the Competition Commission of India (CCI)
It was also decided that PVR Chairman Ajay Bijli will be the Managing Director of the combined entity and Sanjeev Kumar would be appointed as the Executive Director.
Chairman of INOX Group Pavan Kumar Jain will be appointed as the Non-Executive Chairman of the Board. Siddharth Jain will be appointed as Non-Executive Non-Independent Director in the combined entity, said the two firms in an exchange filing.