Blackstone Group Plans to Invest $50 Million in Indian Newspaper's Owner
Blackstone Group LP, the largest private-equity firm, plans to invest 2.25 billion rupees ($50 million) in the owner of Dainik Jagran, the Hindi-language broadsheet that says it’s the world’s most widely read newspaper.
The New York-based firm is investing in Jagran Media Network Pvt., which holds a majority stake in Indian newspaper publisher Jagran Prakashan Ltd., as local-language publications are poised to grow.
Dainik Jagran has 54.6 million readers and prints 37 editions and more than 200 sub-editions across 11 states, according to a joint statement today by Blackstone and Jagran Media.
India, the world’s fastest-growing major economy after China, may expand 8.2 percent in the 12 months from April 1, from an estimated 7.2 percent this year, India’s finance ministry forecast in February. Domestic consumption is driving India’s economic recovery, Hewitt Associates Inc., a Lincolnshire, Illinois-based human resources adviser, said last month.
Jagran Prakashan rose 3.8 percent to 121.75 rupees as of 2:32 p.m. in Mumbai trading today.
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