Aditya Birla Group to acquire 27.5 per cent stake in Living Media India

The $ 35-billion Indian multinational, Aditya Birla Group (ABG) and India's most respected and diversified media corporation, the India Today Group (ITG) came to an agreement on Friday for a 27.5% financial investment by a private investment company of the Aditya Birla Group in ITG's holding company, Living Media India Ltd.

Commenting on the investment, Kumar Mangalam Birla, chairman, Aditya Birla Group, said, "The Indian media sector is a sunrise sector from our investment point of view. I believe that The India Today Group offers one of the best opportunities of growth and value creation. ITG's management ethos, values, brands, product portfolio and future plans offer one of the best opportunities for growth and value creation." Aroon Purie, chairman of the India Today Group, said, "I am delighted to partner with the Aditya Birla Group to aggressively address the current and future potential of the Indian media business which is at a tipping point.

The Aditya Birla Group with its strong leadership, global footprint, diversified business interests and its shared values of integrity, commitment and social responsibility make it a perfect fit with the India Today Group". The transaction is subject to the customary approvals.

Courtesy: Mail Today