New Delhi, March 24 -- When two giants come together, the script usually writes itself. We've seen it multiple times in the past that companies came together by a way of merger or consolidation, and then succeeded at the combined level.

This usually happens most of the time. But the mega merger between PVR and Inox hasn't exactly been a blockbuster. Despite creating a near-monopoly in India's multiplex space, the combined entity has struggled to convert scale into profits.

The company continues to report losses and has posted a loss for the past five years at the financial year level.

When the merger happened, the expectation was simple. Dominance at the box office would translate into dominance on the balance sheet. But that hasn't ha...