Music rights of Vipul Shah's 'Singh is Kinng' has been sold to Times Music for a whopping Rs 13.5 crore.

The music rights were earlier owned by Indian Films, the worldwide rights holder of 'Singh is Kinng'.

Sources close to the production house said that the sale of music rights of this film is the highest ever in more than a decade. The sales are for a limited period of eight years.

The music industry has been going through a turbulent time and had hit the slumber in revenues. Average music sales were less than Rs three crores and even a much talked-about project like Shahrukh Khan's 'Om Shanti Om' had gone for Rs seven crores.

If the music sale of 'Singh is Kinng' is any indication, then music valuations are back.

"This is a landmark valuation and we are very proud to be associated with the biggest films of 2008--'Singh is Kinng' and 'Ghajini' (starring Aamir Khan)," said Sandeep Bharghava of Indian Films.

Vipul Shah, producer of 'Singh is Kinng' said, "Akshay Kumar has been commanding a huge draw, whether it is the box office, satellite or music. I am not surprised at all as Akshay Kumar is a very dependable superstar and has proved his worth time and again."

Adarsh Gupta of Times Music said "having tasted success in 2007 with 'Welcome', we are now signing on what is believed to be the biggest hit of 2008--'Singh is Kinng'."

While refusing to confirm the acquisition price Times Music COO Adarsh Gupta said, "We have heard the songs of Singh is Kinng and we feel it is Pritam's best work till date. Based on our experience and understanding of the current market dynamics, we believe we are in a position to monetize the music of Singh is Kinng not only in a true conventional way, but also create newer avenue."

"Based on our experience and understanding of the current market dynamics, we believe we are in a position to monetize the music of 'Singh is King' not only in a true conventional way but also create newer avenues," he said.

Meanwhile, according to sources, Indian Films has also sold the Mumbai territory (except Mumbai city) of 'Singh is Kinng' for a whopping Rs 10.6 crores to Raksha Enterprises.

The film starring Akshay Kumar and Katrina Kaif is scheduled for release on August 8.