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Irish firm to buy stake in Hindi newspaper
NEW DELHI,
DEC. 23.
Independent News & Media PLC of Ireland has said it will acquire a 26 per cent stake in a leading newspaper in India, where a booming and liberalised news industry is increasingly drawing the interest of foreign investors.
The Dublin-based Independent News is the third foreign company and the second media group to invest in India since 2003 when the Government lifted a five-decade-old ban on foreign investment in news business.
The acquisition will be funded by the company's existing cash balances and is expected to enhance future earnings, said a statement posted on the Web site of Independent News.
The statement said the company would pay Rs. 150 crores ($33.5 million; euro 25.5 million) to buy a 26 per cent stake in Jagran Prakashan Private Limited, a family-owned company that publishes India's largest-selling Hindi language newspaper Dainik Jagran.
AP
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