SPI Cinemas is an Indian multiplex chain and film production company originally owned by the SPI Group, headquartered in Chennai, Tamil Nadu. The company began operating multiplexes in Chennai, and eventually expanded to several states in India. SPI is often lauded for its premium quality and inexpensive pricing. Its theatres, primarily Sathyam Cinemas, are often used by filmmakers for film premieres and audio launch events. Popcorn served at SPI Cinemas has received considerable praise from film goers and the media. In August 2018, PVR Cinemas had completed the acquisition of SPI Cinemas. SPI is notable for being the first multiplex operator in India to equip its screens with the Dolby Atmos and Auro 11.1 sound systems.
History
Sathyam Cinemas was originally named the "Royal Theatre Complex" and was built by Raja from Venkatagiri in April 1974. With a capacity of 1,255 seats, it was the largest multiplex built in Chennai at the time. Kiran Reddy, the current CEO of SPI Group, revealed in a 2012 interview with The Hindu that Sathyam Cinemas was acquired by his family "from someone" in the 1980s. It was acquired for real estate purposes with no intention of continuing the theatre business. He claimed, "The intent was to demolish the Sathyam building. The theatre wasn't a viable business if you looked at the value of the land." However, when he got involved in the business, the family had made several improvements to the theatre. Reddy had taken over the business in 1999 and continued developing the theatre, adding three more screens and refurbishing the existing three. In 2009, SPI Cinemas established itself as a film production company, producing its first film, Thiru Thiru Thuru Thuru. SPI Cinemas is one of the key movie distributors in Tamil Nadu and has forayed into the music business with Think Music to distribute Tamil, Telugu and Malayalam movie soundtracks via digital media and Purplenote to distribute non-movie contemporary music.
Acquisition by PVR Cinemas
In August 2018, PVR Cinemas had completed the acquisition of SPI Cinemas. In August 2019, the National Company Law Tribunal New Delhi-branch approved the amalgamation of SPI Cinemas into PVR with effect from the appointed date of August 17, 2018, PVR said in the exchange filing. At the time of acquisition, PVR Cinemas mentioned that they will start re-branding SPI Cinemas' properties outside of Tamil Nadu as PVR in a phased manner. Also all future projects will be branded as PVR. This includes the state of Tamil Nadu as well. As of February 2020, the Bandra and Bhiwandi properties in Mumbai have been re-branded as PVR and bookings for these cinemas have been moved to PVR Cinemas Website.
