Saregama to ink JV with Oz optical media co

MUMBAI: Optical disc manufacturer Moser Baer India is all set to have competition in the space. Saregama India has inked a joint venture with Australia based DVD video disc manufacturer Regency Media Pty Ltd for manufacture and sale of optical media in India.

Regency Media will be the majority stakeholder in the new JV company and will subscribe to 74 per cent of the issued capital. Saregama India, on the other hand, will subscribe to the balance 26 per cent shares.

At the time of filing this report, Saregama India president and CEO Subroto Chattopadhyay was not available for comment.

Regency Media delivers an electronic manufacturing output of over 40 million DVDs and 25 million CDs. Regency Media was formed to provide a one-stop electronic manufacturing and distribution logistics service to the Australian home entertainment market.

While Moser Baer India recently made its foray into home entertainment and dropped the price points to a large extent, it will be interesting to note the direction that Saregama India will be taking with its foray into manufacture and sale of optical media.

On the other hand, Saregama India has reported net profit of Rs 29.7 million (Rs 2.97 crore) for first quarter and net sales of Rs 287.3 million (Rs 28.73 crore).