Saregama to restructure operations

By Our Staff Reporter

KOLKATA, APRIL 30. Saregama India (formerly Gramophone India) has appointed McKinsey & Co to suggest ways and means of its existing music business to go worldwide. The consultancy firm would also study the prospects of entering into new businesses such as TV software, film software and distribution and animation business. The `growth plan' would be submitted before the board some time in August.

Addressing a press conference here today, the company's managing director, Mr. Abhik Mitra, said that the possibilities of entering into event management to be an undisputed leader of the Indian entertainment business were also being looked into. Plans were readied to enter into the devotional songs music in a big way.

Meanwhile, the company altered its plans to create separate companies for FM radio software and the e-business HamaraCD. ``We have decided to keep both the businesses as divisions of the company'', Mr. Mitra said. The start up expenses to the tune of Rs. 5 crores, already incurred for both the businesses were absorbed by Saregama India. Keeping in tune with the above decision, the HamaraCD.com website would be merged with saregama shortly.

Broadcasting of Saregama's FM radio software would begin within next few months. ``We don't see much of a competition there'', Mr. Mitra said and added that the company was yet to formalise a concrete business plan to take the radio software business down to smaller cities.

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Section  : Business
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