Indian exhibitor PVR Cinemas is set to receive a $19.3m cash injection after selling a 10% stake to L Capital Asia, a private equity fund backed by French luxury goods manufacturer Louis Vuitton Moet Hennessy (LVMH).
PVR and L Capital are also setting up a joint venture to invest in companies operating entertainment, gaming, food and other leisure facilities in shopping malls.
L Capital will invest $9m in the joint venture and PVR is contributing Blu-O Entertainment, its bowling alley operation which was founded in partnership with Thai exhibitor Major Cineplex.
L Capital has also previously invested in Indian fashion and lifestyle retailer Fabindia, and Genesis Luxury Fashion, which brings international brands to India.
Delhi-based multiplex operator PVR operates 179 screens across 24 Indian cities, and plans to open another 69 screens by the end of the current financial year.