Multiplex chain operator PVR Ltd has appointed Ravinder Singh Thakran, managing partner at L Capital Asia, as an additional director. L Capital Asia is a private equity firm backed by the $29-billion global luxury conglomerate LVMH group.
L Capital Asia recently picked up a 10 per cent stake in the Ajay Bijli-promoted firm for Rs 57.7 crore through a preferential issue. L Capital also invested Rs 50 crore in the multiplex chains' subsidiary, PVR Leisure Limited, which is involved businesses like mall, entertainment and gaming.
The deal was L Capital's third investment in India after it invested in Genesis Luxury and Fabindia.
Besides leading L Capital Asia, Thakran is also group president of LVMH South, South East Asia & Middle East and president of cosmetics stores chain Sephora, South & South East Asia, Australia & New Zealand. He has earlier held senior management roles with Swatch Group, Nike and Tata Group.
Shares of PVR closed at Rs 218.9, down by 1.95 per cent. L Capital subscribed to PVR shares at Rs 200 a piece.
(Edited by Prem Udayabhanu)