Rajat Sharma’s India TV Interactive (ITVI) has acquired controlling stake in Studio Brahma, a one-stop design development and production major with clients across graphic design, web design, multimedia and 3-D animation.
The acquisition is in line with Sharma’s “no pink slips, no pay cuts” interview to exchange4media in January 2009. In a Town Hall address, Sharma had said that his group would not just buck the recession, but demonstrate furious growth and make 2009 its best year ever.
ITVI’s first acquisition comes within three months of its creation. It adds Studio Brahma’s entire resources ranging from architecture to animation into the group. In one swoop, Studio Brahma brings to ITVI over 45 client relationships like Vatika, Uppal, Ambuja, Emar MGF, Baani, Jindal Steel, The Kitchen Art Company and Aarohi, besides ongoing development projects for Ministry of Tourism, ITDC and the Chhattisgarh Tourism Board.
ITVI is Sharma’s vehicle for a major foray into various new media platforms and value-added services. The consideration for this high-value deal could not be ascertained.
Commenting on the new deal, Sharma said, “I warmly welcome Studio Brahma into ITVI and the group. The three directors – Lalit Bhandari, Vivek Gupta, and Aman Gupta – have a rich and diverse repertoire, and I have no doubt that they will make full use of the unique synergies available in our group businesses from day one.”
Ritu Dhawan, Managing Director, Independent News Service Pvt Ltd and ITVI, said, “Studio Brahma is a repository of extraordinary talent. I am delighted that they now have the entire marketing and infrastructure prowess of our group at their disposal.”
Asked if more inorganic growth was on the way, Sharma said, “The downturn in the economy has thrown up some solid opportunities for those of us who are doing well.”
“We are truly excited about the myriad of opportunities from the acquisition of Studio Brahma. It is the fruit of our hard work and the value we bring to our existing clients. These valued relationships will derive significant benefits from our acquisition by ITVI and the exacting standards of achievement set by India TV, our group's flagship brand,” Bhandari, Vivek and Gupta said in a joint statement.
2009 would be the best year ever; no pink slips, no pay cuts, says India TV