Mumbai, Nov 12: World's largest record company Universal music has acquired 49 per cent stake in Polygram India from the Patel family, its joint venture partner, to make the city-based subsidiary 100 per cent owned.Polygram India has also been renamed Universal Music India following the worldwide merger of Universal and Polygram, Universal said in a statement.
Universal recently also secured FIPB approval to investus $10 million in India as part of its long-term commitment to Indian artistes and to the Indian record industry.
The company's roots go back to 1970, when as Polydor India it was the first to break the 75-year monopoly of the gramophone company of India.
Universal Music India has one of the country's largest music catalogue and leads the market in international repertoire with a share of over 27 per cent. The Indian music market, third largest in Asia after Japan and Korea.
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