RPG sells HMV studio premises to realty firm

KOLKATA: The century-old, erstwhile HMV studio in Dum Dum, which produced the country’s first recorded song in 1903, is now set to make room for residential apartments. The Goenkas of RPG Enterprises sold off 11 acres of surplus land within the factory premises for a total consideration of Rs 16 crore to Kolkata-based real estate developer, Nandu Belani. The property housed part of group company, Saregama India. Confirming the development, RPG Enterprises vice-chairman, Sanjiv Goenka, said the property was a non-performing asset and was lying idle for some time now. “We have already entered into an agreement for sale of the property. Proceeds will be used to fund Saregama India’s plans to digitise its entire catalogue so that we can put it on broadband,” Mr Goenka said. Part of the funds will be utilised to finance production of films, he said. Incidentally, Saregama India’s Dum Dum unit has retained 3 acres, which houses the company’s factory and studio operations. The deal is, however, subject to necessary clearances. Real estate sources claim both groups are waiting for the West Bengal government’s approval to convert the industrial property into a residential complex. Source : The Economic Times