Mumbai, June 9: PVR Ltd, the country's largest multiplex chain, has acquired DLF Utilities' DT Cinemas for Rs 500 crore.

DLF Utilities is a subsidiary of real estate major DLF.

In a filing with the bourses, PVR said the acquisition would be on a slump sale basis in which a lump sum is paid without values being assigned to individual assets and liabilities.

Following the acquisition, PVR will have a presence in 44 cities with 115 multiplexes and 506 screens. DT Cinemas now operates 29 screens with about 6,000 seats across eight properties in the National Capital Region(NCR) and Chandigarh.

Over the next 12 months, DT Cinemas plans to add 10 screens with about 3,000 seats at two properties in the NCR.

After the deal, DT Cinemas will be branded as PVR Cinemas.

The company said the transaction would be subject to the approval of statutory and regulatory approvals and satisfaction of customary conditions precedent.

"This acquisition is in pursuance of our core strategy to offer a world class cinema experience to the discerning Indian consumer," Ajay Bijli, chairman and managing director of PVR, said.

According to Saurabh Chawla, senior executive director of DLF, the transaction is in line with the company's strategy to divest non-core businesses or assets.

"It is also reflective of the value embedded in our core assets and demonstrates our commitment to increase shareholder value. It shall provide the management a more focused approach for enhancing value especially in our retail mall business," he added.

Though the deal was announced after market hours, the DLF stock today ended with a marginal gain at Rs 110.60 and PVR finished nearly a per cent lower at Rs 666.40.

In December, Carnival Cinemas, backed by Shrikant Bhasi, had acquired Big Cinema from the Anil D. Ambani group for Rs 700 crore, including debt.

The deal led to Carnival becoming the third-largest multiplex operator after PVR and Inox Leisure.

Carnival also bought Stargaze Entertainment from a Mukesh D Ambani group firm.