DBT Bureau
Pune, 26 Jan 2026
PVR INOX has monetised its entire investment in its subsidiary, Zea Maize Private Limited (ZMPL), to Marico Limited in an all-cash transaction for a total consideration of ₹226.8 crore.
PVR INOX has been invested in ZMPL since its formative stage and has supported the business over the years, enabling 4700BC to emerge as one of India’s fastest-growing premium snacking brands. The brand has successfully scaled beyond cinemas and established a strong multichannel presence across modern retail, digital commerce, and institutional channels.
As 4700BC enters its next phase of growth, the transaction enables the brand to benefit from Marico’s sharper FMCG focus, deeper distribution reach, and accelerated new product launches, while continuing to remain premium, modern, and innovation driven.
This monetisation follows a strategic review by PVR INOX aimed at unlocking shareholder value, strengthening the balance sheet, and reallocating resources towards its core cinema exhibition business. The divestment will have no material impact on PVR INOX’s in-cinema food and beverage revenues or its growth trajectory.
Overall, the transaction is expected to be accretive to PVR INOX’s profit, free cash flow, and return ratios.
Commenting on the transaction, Ajay Bijli, Managing Director, PVR INOX Limited said, “We recognised the potential in 4700BC at a very early stage and supported the brand through its formative years. From a niche gourmet popcorn offering, it has grown into a nationally recognised premium snacking brand. As it looks to scale further and broaden its ambition, the brand is well positioned under the stewardship of a scaled FMCG leader like Marico. For PVR INOX, this transaction represents a natural culmination of our strategic role and enables us to monetise a non-core asset.”
Commenting on the transaction, Saugata Gupta, MD and CEO, Marico Limited said: “The investment in 4700BC aligns well with Marico’s ambition to participate in fast-growing food categories through distinctive, future-ready brands. We see immense potential in 4700BC as a premium snacking brand with deep consumer connect and proven execution. Together, we will tap the opportunity to leverage our existing scale in foods to broaden the brand’s presence across channels, while staying true to its consumer-first ethos and harnessing its top-notch innovation capabilities.”
Axis Capital acted as the exclusive financial advisor and Shardul Amarchand Mangaldas & Co acted as the legal advisor to PVR INOX for this transaction.
Source: Exchange filing
