AV Birla group buys 27.5% in India Today group

19 May,2012

A Mail Today news article with Aroon Purie with Kumar Mangalam Birla in the photograph

By A Correspondent

The Aditya Birla group has announced a financial investment of 27.5% in Living Media India (better known as the India Today group).

The move has been confirmed by a way of a communique to the stock exchanges. Says Kumar Managalam Birla, chairman, Aditya Birla group, “The media sector is a sunrise sector from an investment point of view. I believe that Living Media India offers one of the best opportunities for growth and value creation.”

Comments Mr Aroon Purie, chairman of the India Today group, “I am delighted to partner with the Aditya Birla group to aggressively address the current and futre 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 of course subject to the statutory approvals.

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