Blackstone to invest 225 crore
in Jagran Media Network
O
ne of the world’s leading investment and advisory firms, New York based The Blackstone Group recently announced to invest Rs 225 crore in Jagran Media Network Private Limited (JMNPL) which would hold majority share of Jagran Prakashan Limited (JPL), India’s leading media and communications group with their flagship brand, Dainik Jagran, being the most widely read newspaper in the world with a total readership of 54.6 million. JMNPL also filed for necessary approvals for the investment with the Foreign Investment Provision Board (FIPB).
Commenting on the association, Mahendra Mohan Gupta, chairman and managing director of JPL stated, “We are glad to partner with one of the largest private equity investors in the world. Their interest in sharing knowledge with the management and their understanding of the media industry will add huge value to JPL in many ways for the benefit of its shareholders. Our endeavour shall be to make the best use of their expertise and relationships in driving our top-most agenda of organic as well as inorganic growth and making all the stake holders happier.”
“Print media in Indian languages is poised to experience significant growth in the coming years, driven by increasing personal consumption levels in the tier II/III cities as well as rural India. JPL, with its leadership position in the Hindi-belt states and its excellent management team, is well placed to capitalize on this opportunity. Our experience in the media sector in India and globally will enable us to be value-added partners to management and strengthen company’s leadership position,” added Akhil Gupta, chairman and managing director of Blackstone Advisors India.
