Diversified Aditya Birla Group will buy a 27.5 percent stake in unlisted media group Living Media India Ltd, which publishes the popular India Today magazine, for an undisclosed sum.
Living Media offers "one of the best opportunities for growth and value creation", Aditya Birla Group's chairman billionaire Kumar Mangalam Birla said in a statement on Friday.
A private investment company of the group, which also has interests in cement, telecoms and metals businesses, will make the financial investment in Living Media, the statement said.
(Reporting by Devidutta Tripathy in NEW DELHI; Editing by Aradhana Aravindan)
Trending On Reuters
Having quit his low-paid job with a contractor in Qatar, electrician Kurian Joseph scrabbles for work each day in his hometown in Kerala, a state that has one of India's highest unemployment rates. He's a casualty of the global oil price collapse. Full Article