New Delhi: HT Media Ltd said on Monday it has formed a venture with German media group Hubert Burda Media to set up a printing press in India in an attempt to tap what it called “growing media platforms” here and in the rest of Asia.
The venture “captures opportunities in the booming, high-end magazine and catalogue-printing space in India and the Asia-Pacific region,” said Rajiv Verma, chief executive officer of HT Media.
The joint venture marks Burda’s entry into the Indian market, one of the fastest growing media markets in the world. Burda will outsource some of its global printing requirements to the joint venture.
The printing press will be located near the national capital and the companies will also explore other strategic areas for growth. “We are considering further projects with HT Media in the Indian market,” said Hubert Burda, chief executive officer of Hubert Burda Media. HT Media has 19 printing facilities in India, which it uses for its own publications and other Indian customers. The venture is expected to be profitable in its first full year of operations, the company said. Financial details of the transaction were not shared.
The company publishes English dailies Hindustan Times and Mint and Hindi daily Hindustan. It also owns the FM radio station Fever 104, and Web businesses such as Shine.com, an online careers portal, Desimartini.com, a social networking business, as well as two popular news portals—Hindustantimes.com, for general news, and Livemint.com for business news and features.
Burda has interests in publishing, radio, event management and the Internet. Besides staging an annual digital conference in Europe, Burda also publishes and prints several hundred magazines including local editions of Elle, Playboy, Focus and Chip, and catalogues. Shares in HT Media went up by 1.16% and closed at Rs126.55 in a weak Mumbai market.
Reuters contributed to this story.