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Warburg Pincus takes stake in Indian cinema operator

Warburg Pincus LLC picked up a stake of about 14% in Indian cinema operator PVR Ltd. for 8.2 billion rupees, according to a Jan. 18 announcement.

The New York-headquartered private equity firm acquired the stake from affiliates of Multiples Alternate Asset Management Pvt. Ltd., an India-focused private equity firm that will remain a long-term investor with an equity stake of 14%.

PVR's current promoters will remain its largest shareholders, with more than a 20% stake.

The company operates PVR Cinemas, a theater chain comprising 562 screens in 48 Indian cities.

As of Jan. 18, US$1 was equivalent to 68.07 Indian rupees.