India's Times group and British Broadcasting Corporation Worldwide have signed an agreement for setting up a 50:50 joint venture to publish magazines in India.
"The JV will produce and market magazines from both companies in the country and it will also facilitate the exchange of content, titles and know-how for the market here," Bennett, Coleman & Company Ltd managing director Vineet Jain told newspersons in Mumbai on Thursday.
The Times group has two big brands -- Femina and Filmfare -- and going ahead, the JV, agreement for which was signed on Wednesday, would launch a number of new magazines, he said.
"However, we have not yet decided (on new launches) and currently are studying the market," he added.
Besides Filmfare and Femina, the JV plans to take over publishing of other 27 magazines currently published by the Times Group.
BBC Magazines managing director Peter Phippen said, "There will be significant growth potential in the Indian market over the next few years. The entity has a portfolio of 50 regular titles with Top Gear and Radio Times amongst the topmost."
"We cannot disclose the financial aspect as the statutory approvals are yet to be received," he said.
Phippen said the Miss India contest would be managed by the group and the brand would be licensed to them while Filmfare award brand would remain with the JV.
Bennett, Coleman & Company president Arun Arora said Jain would be the first chairman of the JV for the first two years and then it would revolve between the groups.
