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B. K. Modi, Global Chairman, Spice Corp. is all game for the entertainment business. In an exclusive interview with Pallavi Srivastava he reveals his $1 billion plans...
He is sporting a new look these days. And in his new creative attire (with that hard to miss big hat!) you may easily mistake him as a director or producer of tinsel town. Though he laughingly offers, “this new look hides my age and makes me look younger,” but there is much more to it... His new look matches perfectly with his ultra zeal for the entertainment business. And his entertainment dreams start right from the 70mm screen; spans across the smaller screen of television, mobile and Internet; and tunes in to the music industry. So let’s hear about the mega entertainment plans, the reason for exiting Spice Telecom, rumours about selling Spice Mobile and much more straight from the man himself...
What is the reason behind selling off the telecom business to Idea Cellular?
We wanted to get out of our businesses on the infrastructure side, as infrastructure has become stagnant over the years. So it’s time we move forward and look for new pastures. Currently, we are focusing on the softer side of the business: the content business.
What are the new business areas that you are targetting?
I am strongly interested in the entertainment business. We have plans to put up $1 billion in this business across segments like music, games, movies, et al. Also making these content available on various new platforms, like mobile and Internet, along with traditional platforms like television. And we are not restricting ourselves to India only; we are looking at the region around India and also in the US.
What is the strategy behind getting into the entertainment arena?
It’s simple. The entertainment industry is on an upswing. And I strongly feel that India could be the world leader in the entertainment business. Moreover, it derives synergies from our mobile and Internet business.
Are you looking at acquisitions to expand yourself in this sphere?
As I told you that we are looking at an investment of $1 billion in the entertainment business, this money will be used for expanding ourselves both through acquisitions and through new ventures. We are considering a lot of options on the acquisition front in television, gaming, etc. Actually, we are a cash rich company and this industry is going through change, it requires consolidation and new players.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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