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Time Warner chief to visit India next week

16-February-2004
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Time Warner chief to visit India next week

Richard D Parsons, chairman and chief executive officer (CEO), Time Warner Inc, the world’s largest media and entertainment company, will be in India on a day long visit early next week.

Industry sources describe the visit as a prelude to the company’s increased investment in the country, while Time Warner sources describe it as a routine visit.

Parsons, who is on his first visit to the country as the company’s CEO, will meet a host of Indian corporate heads, including the company’s present Indian joint venture partner and Zee Telefilms chairman Subhash Chandra.

His meeting with Chandra assumes importance with Zee Telefilms showing interest in raising additional funds in the near future. The company had recently informed the stock exchanges about a possible fund raising.

Time Warner also has a 50:50 joint venture with Zee Telefilms for television channel distribution business called Zee Turner.

The company also distributes its television channels such as HBO, CNN and Cartoon Network in India. These channels have also been increasing their footprint in India recently.

According to sources, Time Warner has developed increased interest in the Indian market, with investment possibilities in the entertainment and media business.

Industry sources also said that the company is also keen to use India for various business process outsourcing (BPO) and back office operations.

The company already has a business process outsourcing (BPO) operations in India for AOL, which according to Nasscom estimates employs about 3,000 people.

Besides, the government regulations permitting foreign investments in news and current affairs publishing and broadcasting, has also opened up investment possibilities for the company in India.

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