Saregama receives Rs 32 crore from National Insurance over Bhiwandi fire

Content curator and music label Saregama said it received an amount of Rs 32.18 crores from the National Insurance Company Ltd in compensation for the loss of stocks of its radio music players Carvaan and Carvaan mini in a fire at its Bhiwandi godown.

On April 1, Saregama had reported that its godown where its Carvaan and Carvaan Mini products were stored for transportation had caught fire.

Saregama had added that it t will not suffer any financial loss due to insurance cover.

Saregama Carvaan is a portable radio device which comes loaded with thousands of songs.

The company has rolled out regional variants of the device after tasting success with the Hindi variant. The company has sold 132,000 units sold of Carvaan & Mini, as of 31 December.

Saregama also launched a portable version of its runaway success, the Carvaan digital music player.

The original Carvaan, shaped like an retro radio, comes with about 5,000 old Hindi songs preloaded, and can also play songs from USB and Bluetooth.

Saregama began operations in 1901 as the first overseas branch of Electrical & Musical Industries Limited, or EMI, London. It was incorporated in Calcutta as The Gramaphone and Typewriter Ltd.

On August 13, 1946, it was incorporated as a Private Limited company with the name of ‘The Gramophone Co. (India) Limited’.

Gramophone Co was converted into a public company on October 28, 1968. RPG Group took over the company in 1985 from EMI when the company’s financial health was poor.