PVR, India's largest multiplex chain, said it was acquiring DLF's DT Cinemas for Rs 500 crore on a slump sale basis.
The movie theater chain, which in Feb 2010 abandoned a similar deal with DLF, signed an agreement with DLF to acquire 39 screens of DT Cinemas with a total capacity of around 9,000 seats.
After the proposed acquisition, PVR will have its presence in 44 cities with 506 screens and 115 multiplexes.
Currently, DT Cinemas operate 29 screens with 6,000 seats across 8 properties in the National Capital Region and Chandigarh, and in the next 12 months, it proposes to add 10 new screens with about 3,000 seats at 2 properties in the NCR.
DLF had signed an agreement with PVR in November 2009 as well to sell DT Cinemas but the deal fell through in February 2010.
It is assumed that INOX and a private equity player were also in the race for DT Cinemas before DLF decided to go back to PVR.
The deal is part of its strategy to exit non-core businesses and reduce debt of over Rs 20,000 crore, DLF said. The company already sold hotel chain Amanresorts, wind power and insurance businesses.
In 2015, Mexican multiplex chain operator Cinepolis acquired Essel Group's Fun Cinemas for an undisclosed sum. Furthermore, Carnival Group acquired Big Cinemas from Anil Ambani-led Reliance Group for Rs 700 crore in December 2014.