CUP to take full ownership of CUP India

CUP to take full ownership of CUP India

Cambridge University Press has taken full ownership of CUP India ahead of the retirement of founding partner and managing director Manas Saikia, saying the move will "accelerate further investment for growth".

Saikia created Foundation Books with his partner Vinod Vasishat in 1985. CUP acquired a 51% stake in the company in 2006, when it became Cambridge University Press India, increasing its shareholding in 2009.

While Saikia is retiring from the board, he will stay on as m.d during a transition period until April 2014.

CUP said under Saikia’s leadership, CUP India had seen “huge growth”. Saikia also helped to lead the fight against large-scale piracy and the development of cost effective copyright clearance, helping to create the Association of Publishers in India (API) and the Indian Reprographic Rights Organisation (IRRO), CUP said.

Hanri Pieterse, managing director for Cambridge Education, said: “Our significant growth in India over recent years is due to Manas’s leadership, his entrepreneurial approach to business and life in general, his ability to build exceptional teams, his keen interest in publishing as well as curiosity about new markets and opportunities. Playing a key role in the publishing community, Manas is not only leaving a legacy within Cambridge University Press, but also in the industry which will be difficult to match.”

Peter Phillips, chief executive of Cambridge University Press, added that he was “grateful” to Manas for “all he has done to lay effective foundations for Cambridge's future strength in South Asia.” He said: “India is already an important market for us and full ownership of our business there will accelerate further investment for growth.”

CUP said recruitment for a new managing director would start immediately.