Bloomsbury hopes to read profits in India

Bloomsbury Publishing is to turn a new page in India, with the formation of a wholly owned subsidiary in the subcontinent.

The new business will be headed up by Rajiv Beri, who has been Managing Director of Macmillan's Indian operations for over 15 years.

This is an evolution rather than revolution for Bloomsbury which has operated in the country for 25 years through a marketing partnership with Penguin. The new division will attempt to leverage the large range of titles it already owns as well as develop Indian authorship.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Indians buy 50m English books every year and is expected to be a big market for ebooks.

News of the expansion initially saw Bloomsbury shares gain nearly 2% although they have since retreated and by 10.01 were down 0.81% on yesterday's close. Over the last year the firm's stock has done quite well, showing gains of 10%.

BS