India, Feb. 6 -- Multiplex operator PVR Tuesday decided not to proceed with the proposed joint venture arrangement with Dubai's Al-Futtaim Pvt Co for cinema business expansion in the Middle East and North Africa (MENA) region, a senior official said.
In July last year, PVR had entered into a memorandum of understanding (MoU) with Al-Futtaim Pvt Co to explore opportunities for jointly developing cinema business in the MENA region.
It had announced that the two parties would conduct a feasibility study before converting the MoU into a formal joint venture arrangement.
"Post conduct of a feasibility study and necessary evaluation, the management has decided not to proceed with the proposed transaction and has decided against deploying any c...