Essel Group ME, part of media tycoon Subash Chandra-led Essel Group, has acquired Serena Middle East, the Dubai-based arm of Spanish media and production company Serena.
The acquisition is part of the company’s growth strategy and will help it enter the region’s fast-growing media and production industry, Essel Group ME said in a statement.
Serena is a post-production studio in Spain and works with companies such as Proctor & Gamble, Nestle, Coca-Cola, Unilever, Vodafone and Etisalat, said the company. Serena was established in Spain in 2002 and Serena ME was started in Dubai in 2012.
Essel Group ME’s chairman and managing director, Gagan Goel said: “Serena is unique in the industry for its craftsmanship, advanced technology, and deep understanding of the audio-visual business.”
Walid Saad, vice president of Middle East at Serena, said the deal with Essel Group ME will strengthen the leading positions of both companies in the region.
Essel said it is building a diversified portfolio across Europe, Middle East and Africa (EMEA). The group is also actively seeking out growth opportunities for its other businesses. The conglomerate operates in a broad spectrum of industries including media, packaging, infrastructure and technology.
In the EMEA region, Essel Group through its affiliate Interu Mining and Trading had acquired potash mines in Eritrea in 2015.
The same year, Essel Group signed an agreement with Canadian firm Simba Energy Inc to pick up a 60% stake in its African oil and gas exploration projects.
In India, the company has closed several acquisitions in the financial services and infrastructure sectors. It is also planning to take its infrastructure unit, Essel Infraprojects Ltd, public.