Mumbai, Jan 14 (IANS): Legendary singer Lata Mangeshkar's music company LM MUSIC was launched here Sunday by Pandit Jasraj, Amitabh Bachchan and Nita Ambani at a star-studded function here.

Bollywood celebrities like Sridevi, Boney Kapoor, Madhur Bhandarker, Alka Yagnik, and Mahalakshmi Iyer were among those present.

Amitabh wished all the luck to the new label. "I am too small in front of all the dignitaries present here.... best wishes to LM MUSIC and I wish the company also becomes a precious stone like Lata," he said

LM MUSIC will encourage young talent that needs an outlet for its creativity including budding artists who Lata feels have the potential to maintain the high standards set by legends. The label has six new albums including Sufi and spiritual music.

Jasraj said that there was no one who could match Lata's contribution to the field of music.

"There is no one today who has contributed so much to music....she is the eight wonder of the world," he said.

Nita Ambani said that the launch marked an important day in her life.

"This event is a landmark for all of us ...Lata Mangeshkar is a living legend. She has enthralled millions of hearts all over the world with her music," she said.

"For generations, women in my life have worshiped her voice, she has such an impact...thank you for making me a part of this journey," she added.