Blackstone Group will invest Rs 250 crore in the Jagran Media Network, the parent company of Jagran Prakashan, to pick up a minority stake in the company. The companies refused to divulge the exact nature of the stake.
“Jagran Media is looking to grow and needs capital to meet its expansion plans,” said Akhil Gupta, chairman and managing director, Blackstone Advisors India.
The private equity group is bullish about the Indian print media. Gupta said.
“Print media in regional languages is poised for a significant growth in the coming years, driven by increasing personal consumption levels in the Tier II and Tier III cities and rural India. Jagran with its leadership position in the Indian print media space and its excellent management team is well-placed to capitalise on this opportunity.”
Gupta did not reveal the future plans but did not rule out a possibility of capacity expansion or an acquisition.
Jagran Prakashan’s Dainik Jagran is published in 37 editions and more than 200 sub-editions across 11 states in the country.
As of December 31, 2009, promoters hold 55.53 per cent stake in Jagran Prakashan.