MUMBAI: Less than two weeks after acquiring south India’s leading multiplex company SPI Cinemas, India’s largest cinema exhibition player PVR is now looking to buy north Indian chain Wave Cinemas, two people familiar with the development told ET.“Wave Cinemas is up for grabs and PVR seems to be the frontrunner,” one of the persons said.While other multiplex chains such as Inox Leisure, Cinepolis India and Carnival Cinemas have also shown interest, Wave’s promoters are more inclined towards PVR, another person said.The deal is expected to value Wave Cinemas at around Rs 450 crore, sources said.“Wave Cinemas have 12 properties and 46 screens in North India and they also have signed 30 more properties, which are under development. PVR may end up spending Rs 400-450 crore on the acquisition,” one of them said.Ajay Bijli-owned PVR, however, denied any such move. “We are not in discussions for acquisition of Wave Cinemas,” a company spokesperson told ET in an email reply. “PVR has just completed the acquisition of SPI Cinemas and is currently focused on its integration with our business,” the person said.A Wave Cinemas spokesperson declined to comment.The sources cited earlier said PVR and Wave Cinemas will announce a deal only towards the end of this year or early next year. That is because the latter has a few screens in Noida and the National Capital Region (NCR).“PVR had to accept to stop expansion for three years in the NCR region in 2016 in order to get an approval for its DT Cinemas deal from the Competition Commission of India (CCI). The three-year freeze will be lifted in April next year. So PVR may have to wait before making its plans public,” one of them said.PVR, which will have a total screen count of 706 screens across 152 properties and 60 cities post acquisition of SPI Cinemas, has set a target of reaching 1,000 screens by 2020. Between acquisitions and new properties, it is expected to reach 800 screens by end of the year.Promoted by Chadha family, Wave group was started as a sugarcane crushing business back in 1963. Today, it has expanded into manufacturing, real estate, education, sports and entertainment.Wave Cinemas own properties across Noida, Lucknow, Rudrapur, Haridwar, Ludhiana, Moradabad, Chandigarh, Meerut, and Jammu. Its occupancy rate is between 27-28%. The Indian multiplex industry is going through a consolidation. Over the last five years, PVR has emerged as the largest player, followed by Inox Leisure, Carnival Cinemas and Cinepolis India. At any given point, the top four players are on the lookout for acquisition opportunities.PVR, which earlier this month announced acquisition of SPI Cinemas for a cash and stock deal valuing the company at Rs 850 crore, had in the past acquired DT Cinemas from DLF for Rs 433 crore, and Cinemax from Raheja Group at a valuation of Rs 570 crore.Inox bought Satyam Cineplex for Rs 182 crore in July 2014. It also acquired Fame Cinemas. Carnival Cinemas has acquired Big Cinemas for over Rs 700 crore, HDIL’s Broadway for Rs 110 crore and Network18’ s Glitz Cinemas.