RP-Sanjiv Goenka Group entity Saregama India Ltd. (SIL) has received ₹32.18 crore from National Insurance Company towards settlement of claim for a fire that damaged company’s godown in Bhiwandi, Maharashtra, last year.
In a regulatory filing, the company said that the settlement was towards loss of stocks of radio music player (Carvaan, Carvaan Mini) and music cards of the company. Formerly known as the Gramophone Company of India, Saregama owns the largest repertoire of songs in India and has in its archives nearly 3 lakh songs in 36 languages.
Saregama India’s verticals include music, TV and film content development, and film production and publication. Its biggest success, however, was Carvaan, a digital audio player pre-loaded with yesteryear songs, launched in 2017. The instrument resembles a Murphy radio (a brand owned by SIL). This came at a time when the company was wondering how to monetise its assets.
National insurance co. is one of the four public sector general insurance co’s dealing in non-life products like fire, engg., marine & miscellaneous insurance.