Ascension Media Group

ASCENSION OPENS IN MUMBAI AND APPOINTS PARMINDER VIR



Ascension Media Group LLP, the creative industries and digital ventures firm, announces that it is opening an office in Mumbai, India.



The office, which is situated on Mumbai’s famous Marine Drive, is the first international office to be opened by the firm, which is also investigating opportunities to expand its footprint in other emerging markets.



According to a report on the Global Media and Entertainment Outlook by Price Waterhouse Coopers in July 2011, the Indian Media and Entertainment Industry is forecast to reach $31.7 billion by 2015, growing at 13% per annum from 2011-2015.



Ascension Media has appointed Parminder Vir OBE, Director of PVL Media and an award winning television and film producer with 25 years of experience in the industry, to lead this initiative.



Announcing the move, Ascension Media Group Founder and CEO, Sanjay Wadhwani said:



“India is an enormously exciting market for us and the companies in the creative industries and digital media sectors that we work with. For example, there are more than 884 million mobile phone subscribers in India, nearly three times as many as in the United States. Most of these subscribers are using older 2G handsets, but smartphone adoption is gathering pace, particularly amongst the young, and it is through mobile that most Indians will access the internet. Younger smartphone users, those between 15 and 25 years old, spend on average nearly 2 hours a day on entertainment and browsing. Android is the leading platform due to choice and price of handsets, and on that platform more than 80% of users played a game in the last month – India is the fastest growing market for interactive entertainment and video games in the world.



India is a great place as she “gets” the creative industries, as evidenced by the worldwide export boom in Bollywood. There is also a significant amount of wealth in India looking for opportunities to invest overseas and we will help those investors to access attractive investment opportunities in the UK creative industries.”



Parminder Vir said:



“The emerging markets are vital export markets for the British creative industries. The new and growing opportunities for the creative industries cannot be ignored by companies seeking to expand internationally. The growth drivers are digital media, domestic demand, availability of finance and talent - making India an increasingly attractive market for the UK creative industries.



I have known Sanjay for many years and welcome Ascension Media Group’s ambition to be one of the leading players in the Indian Media and Entertainment Industry. We aim to help our businesses navigate the burgeoning Indian market, through our relationships with key partners in India, which is a key export market for British creative industries’ output. In addition we aim to be the bridge for inward investment from India into the UK creative industries”.



ENDS

For press enquiries, please call:



Ascension Media Group LLP, www.ascensionmedia.com



Sanjay Wadhwani Tel: 020 3428 5200



Tavistock Communications



Simon Hudson/Teresa Towner Tel: 020 7920 3150



NOTES TO EDITORS



About Ascension Media Group LLP



Ascension Media Group is a unique and innovative group working with the very best talent, entrepreneurs and businesses in the creative, digital media and technology industries in the UK. Ascension brings business skills in strategy, operations, marketing and financial management, as well as extensive industry relationships and experience in the commercialisation of intellectual property rights and an understanding of the road maps in technology and digital media, to add value to businesses in which it invests, thus creating value for Ascension’s investors.



For more information about Ascension Media Group, please visit www.ascensionmedia.com



Ascension is launching the first Seed Enterprise Investment Scheme fund through its ASCEND® Fund in April 2012 and also has an Enterprise Investment Scheme fund, Ascension Creative Enterprises EIS Fund, for growth capital investments, for both of which it already has suitable investments lined up to receive investment.



About Parminder Vir OBE



Parminder Vir OBE is Director of PVL Media, established in 2004 to consolidate over 25 years of work in film and television production, media finance and business development. An award winning film and television producer, Parminder has worked for BBC, ITV, Channel Four, major international channels around the world and Formation Films, her own independent film and television production company.



She is Non-Executive Director of Goldcrest Films; Board Member of Asia Task Force, a government advisory group and Member of Catalyst UK set up by UKT&I; a mentor on Doug Richard’s social enterprise, School for Creative Startups, which fosters entrepreneurship in the creative industries; Charter Member of The Indus Entrepreneur (TiE UK); Skillset Patron; and an Ambassador of the Young Vic Theatre. Previously she served as Non-Executive Director of the Department for Culture, Media and Sport (2006-2010); Founder Board Director of UK India Business Council (2004-2009); Board Director of the UK Film Council (1999-2005); and Co-Founder of the Cultural Diversity Network (2000).



Parminder was awarded an honorary Master of Arts, in recognition of contributions to International film industry by the University for the Creative Arts in 2010. Other honours include an OBE for services to the Broadcasting and Film industry 2002; the Asian Women of Achievement Award for Media 2001; the Media and Arts Award at the Asian Jewel awards 2003 and the Windrush Diversity Award 1999.