HT Media to launch business daily

Leading print media company, HT Media Ltd on Monday said it will invest Rs 38.5 crore to fund its various expansion plans, including the launch of a business newspaper.

Leading print media company, HT Media Ltd on Monday said it will invest Rs 38.5 crore to fund its various expansion plans, including the launch of a business newspaper.

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The board of directors have approved capital expenditure plans of the company of up to Rs 38.5 crore for launching a business paper, expanding its Hindi newspaper in Madhya Pradesh and re-organising its internet operations, HT Media informed the Bombay Stock Exchange.

The company will provide an interest bearing loan of Rs 30 crore to its subsidiary, HT Music & Entertainment Company Ltd, it said.

The board has also approved the appointment of Priyavrat Bhartia as a whole time director of the company with effect from February 1, 2006, it added.