MUMBAI: JMD Telefilms Industries has acquired two Rajasthan based music companies – Arti Music and Tarun Music – for Rs 1.5 million (Rs 15 lakhs).
According to the company, Arti Music and Tarun Music have a significant presence in the regional language Rajasthani or Marwari.
The acquisition includes all existing music rights in the name of Arti Music and Tarun Music as well as the use of the brand names of the company in the future.
Additionally, JMD Telefilms will pay 25 per cent as compensation after deducting all its expenses attributed on the said rights on annual basis out of the profit from sale of the brands.
The above acquisition is in the line of utilization of proceeds received from its recent concluded preferential issue.