The Kanakias, who had sold off their all-India multiplex chain, Cinemax, to PVR in 2013, will revive it shortly. It is learnt from reliable sources that the Kanakias, which owned several of the properties on which their multiplexes were built, had given those plots of land on lease to PVR when the chain was sold in toto to PVR. However, when PVR was not in a position to pay full rent for those properties for the months of the lockdown (like most other multiplex chains were not able to pay to their landlords), the Kanakias decided to take back those properties along with the multiplexes and revive them under the same brand name — Cinemax.
Rasesh Kanakia’s son, Ashish, will spearhead the revival, it is learnt.