Bloomberg LP, the global financial services, news and data provider has accorded top priority to India, which is among five emerging countries earmarked by it as future growth areas. Having invested in business television channel Bloomberg UTVi, the company aims to double its presence in India in five years. Bloomberg chairman Peter T. Grauer (64) told Hindustan Times in an interview. Excerpts:
Where does India figure in Bloomberg’s agenda?
India is a very important market for us. We have set up a dedicated team for India and have put in place a five-year business plan to achieve our goal. We target to double our presence in India in five years.
We believe that as economic centers of gravity shifts from developed countries to developing countries, India will be an important part of the global economy. This is why we have identified five countries such as China, India, Russia, Middle East and Brazil as future growth areas.
How much money you have invested in your joint venture with UTVi and how much stake have you picked up?
We are a private company and don’t talk of investment amounts and can’t talk about the stake. But we are very excited about the venture and want to stay invested for long and grow this business. They (UTVi) are critical partners for us.
Bloomberg recently acquired the Businessweek magazine. Do you have any plans to publish it in India or planning to acquire any publication here?
We are still in the process of integrating Businessweek. By December we will know what to do with it. As of now there is no specific plans for India.
What will your main source of revenue be here?
The Bloomberg Professional service (terminals) accounts for 85 per cent of our revenues and this is the same in India. We want to grow this business in India as financial services are rapidly growing in this region.