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Egmont to buyout IE stake in joint venture

Our Bureau

MUMBAI, July 15

EGMONT International Holdings, the Denmark-based media and entertainment house, will be buying the stake of Indian Express in its joint venture - Indian Express Egmont Publications Ltd. (IEEPL).

The Danish company has received the FIPB approval to buy out the stake for Rs. 2 crores, according to Mr. Uday Mathur, CEO, IEEPL.

The 50:50 joint venture company, formed in 1997, has been in the publishing business bringing in titles from Walt Disney series, Barbie Characters, Phantom and Mandrake comic books, among others.

Says Mr. Mathur: ``With this newly-formed subsidiary, there will be investments between Rs 3 crores and Rs. 4 crores annually into the business. In the past there were some limitations having an Indian partner, but now the foreign company will get more aggressive in the Indian market''.

There are also plans to develop new characters for the Indian market. Added Mathur, ``apart from adding on titles from the Egmont library, we will be developing local Indian characters''.

Not disclosing any turnover figures, the company plans to break even this year. It expects a 150 per cent growth this year, according to a press release issued by the company.