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Ranbaxy Laboratories' former CEO Atul Sobti's dream media venture 'Friday Gurgaon', a weekly newspaper, will hit the news stands by month-end.
Ranbaxy Laboratories ' former CEO Atul Sobti's dream media venture 'Friday Gurgaon', a weekly newspaper, will hit the news stands by month-end.
"I am launching the newspaper 'Friday Gurgaon' by August end ... We are looking at a circulation of at least 10,000 copies as soon as possible and targeting at least one lakh families in the city who read English newspapers," Sobti, who will be the Editor and the publisher, told PTI.
The 32-page 'Friday Gurgaon' paper would be published on every Friday in a tabloid format. "Focusing on features and views, the paper will carry information across segments, including sports, health, entertainment, business, crime, material for kids and international news," Sobti said.
The paper is being launched by Arap Media Ventures Pvt Ltd, a company set up for this venture by Sobti.
When asked about the funding, he said : "It is being funded by me and a few like minded people."
"The investment is below Rs 100 crore," he said but did not provide the exact financial details.
The newspaper would be priced at Rs 7 per copy. The company will launch a subscription offer of Rs 200 for 52 editions at the time of the launch.
Like any other newspaper, 'Friday Gurgaon' would also depend on advertising revenues more than subscription money.
"Since it is going to be a local paper for Gurgaon, there is a lot of interest from both readers and advertisers," he said.
Asked about the choice of location for the launch Sobti said : "Gurgaon is a very unique city. It is very cosmopolitan in nature and has every thing going right for it."
The new concept can also be taken to other places, he added without giving details.
A team of 20 fresh and experienced professionals is working to get the first edition out on August 26.
With over 34 years of experience across several industries, Sobti was the Managing Director and CEO of Ranbaxy Laboratories till August 2010.
He has also served as the Executive Director -- Business Operations at Hero Honda Motors, now known as Hero MotoCorp .
An MBA from Indian Institute of Management, Ahmedabad, Sobti has been thinking of launching a newspaper for the last one decade and calls it a venture born out of passion.
Ranbaxy Labs stock price
On March 07, 2014, at 13:41 hrs Ranbaxy Laboratories was quoting at Rs 366.40, down Rs 5.3, or 1.43 percent. The 52-week high of the share was Rs 490.15 and the 52-week low was Rs 253.95.
The latest book value of the company is Rs 45.34 per share. At current value, the price-to-book value of the company was 8.08.
READ MORE ON Ranbaxy Laboratories, Atul Sobti, media venture, Friday Gurgaon, English newspapers, tabloid, Arap Media Ventures, subscription offer, advertising revenues
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