World’s largest music label Universal's Indian arm has agreed to acquire 50 per cent equity stake in Enchanted Valley Carnival, an experimental music festival, for an undisclosed amount, several media reports said citing a senior executive of the company.
This also marks the formal entry of Universal Music India, which is a subsidiary of Universal Music Group, into the festival business space.
Under the deal, Universal Music India and Twisted Entertainment, which owns Enchanted Valley Carnival, have floated a 50:50 joint venture to scale up the large format experimental music festival.
With this, Universal is now looking to add another vertical to its existing portfolio by rolling out a camp-out music festival in the country.
According to Devraj Sanyal, MD and CEO of South Asia, Universal Music Group, the company will also look at expanding its footprints to the international markets such as Indonesia, the US and United Arab Emirates, among others.
It is also planning to introduce new formats, including an Indian classical music festival in Rajasthan and a jazz festival in New Delhi.
Enchanted Valley Carnival, which was launched in 2013 by Twisted Entertainment, is an experimental music festival that combines performances, picturesque locale, adventure sports and a camping experience for an entertaining weekend. It is held in Aamby Valley every December.
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