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MUMBAI, June 9 (Reuters) - Newspaper publisher HT Media Ltd (HTML.BO) said on Monday it has formed a joint venture with German media group Hubert Burda to set up a printing facility.
The venture “captures opportunities in the booming, high-end magazine and catalogue printing space in India and the Asia Pacific region,” Rajiv Verma, chief executive officer, HT Media, which publishes English daily ‘Hindustan Times’, said in a statement.
The facility will be located near New Delhi and the companies will also explore other strategic areas for growth, the Indian company said.
HT Media has 19 printing facilities in India, which it uses for its own publications and other Indian customers. The venture is expected to be profitable in its first full year of operations, it said.
The German media group, like HT Media, has interests in radio, publishing, event management and the internet, and will outsource some of its global printing requirements to the joint venture.
“We are considering further projects with HT Media in the Indian market,” Hubert Burda, chief executive officer of Burda Media, said.
Shares in HT Media were trading down 0.88 percent at 124 rupees in a weak Mumbai market.
Reporting by Jasudha Kirpalani, Editing by Ramya Venugopal and Sunil Nair