Marico Limited (BSE:531642) entered into definitive agreement to acquire 93.27% stake in Zea Maize Pvt. Ltd. from PVR INOX Limited (NSEI:PVRINOX) for INR 2.2 billion on January 26, 2026. A cash consideration of INR 2.2 billion will be paid by Marico Limited. As part of consideration, INR 2.2 billion is paid towards common equity of Zea Maize Pvt. Ltd. Additionally, the Company has the right to acquire the remaining stake in Zea Maize after completion of 3 years from execution date at a consideration to be determined at such time, subject to achievement of certain milestones, requisite approvals and terms and conditions under the definitive agreements.
For the period ending March 31, 2025, Zea Maize Pvt. Ltd. reported total revenue of INR 986.6 million. As of March 31, 2025, Zea Maize Pvt. Ltd. reported total common equity of INR 295.3 million.
The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board. The said divestment is subject to customary closing conditions and terms of the definitive agreements and is is likely to be completed within 30 days from the date of definitive agreements. Overall, the transaction is expected to be accretive to PVR INOX?s profit, free cash flow, and return ratios.
Anshuman Mozumdar, Deepak Kumar and Shailendra Bhandare of Khaitan & Co. provided legal due diligence to Marico Limited. Axis Capital Limited acted as financial advisor to PVR INOX Limited, Zea Maize and Chirag Gupta. Nivedita Tiwari, Pooja Ramchandani, Apoorva Murali and Gouri Puri of Shardul Amarchand Mangaldas & Co acted as legal advisor to PVR INOX Limited. RMBCapital India Private Limited acted as financial advisor to Marico.
Marico Limited (BSE:531642) completed the acquisition of 93.27% stake in Zea Maize Pvt. Ltd. from PVR INOX Limited (NSEI:PVRINOX) on January 29, 2026.
PVR INOX Limited is a film exhibition company in India with approximately 1,753 screens across 358 properties in 112 cities in India and Sri Lanka. The Company is engaged in the business of movie exhibition, distribution and production and also in-house advertising, sale of food and beverages (F&B), gaming and restaurant business. It is involved in the theatrical exhibition business and allied activities under the brand, PVR INOX. The Company offers a diversified and premium cinema viewing experience through its formats, including Director’s Cut, Insignia, LUXE, IMAX, ICE, P[XL], BIGPIX, ScreenX, 4DX, MX4D, Playhouse, Kiddles, Onyx, Sapphire, and Club. Its other brands include Insignia, Director's Cut and Luxe. It offers a range of F&B options catering to diverse tastes, from gourmet delights to healthier alternatives. The Company’s subsidiaries include PVR INOX Pictures Limited, Zea Maize Private Limited, and PVR INOX Lanka Limited.
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