London, Dec. 19 (PTI): A leading Irish media baron has evinced interest in acquiring an estimated 30 per cent stake in one of the largest circulated Hindi-language dailies, "Dainik Jagran."

"Tony O'Reilly, Chief Executive of Independent News and Media Group, is in advanced talks and if successful, the deal will give the Irish entrepreneur's company a substantial foothold in one of the world's fastest-growing media markets," 'The Sunday Times' reported today.

O'Reilly is expected to make an official announcement in the next few days, the report said. "The deal is likely to cost several tens of millions of euros", the newspaper quoted one person involved in the talks.

Based in Kanpur, Jagran is wholly owned by the Gupta family. "They have been in talks with O'Reilly about the sale of a stake since 2000 but, in recent weeks the talks have hotted up," the report said.

Gupta family members are said to have held negotiations in Ireland and India with O'Reilly and his son, Gavin, IN&M's Chief operating officer.

Jagran prints the Dainik from 25 sites and owns one of India's most popular online information portals.

According to the report O'Reilly is said to have negotiated an agreement that will allow him to quit the Indian deal if it proves unsuccessful. Equally, he will have the option of increasing the company's stake if things go well.

IN&M's move into India represents something of a coup for O'Reilly, the report said. He first invested in IN&M when it was a purely Irish business in 1973. Since then the company has invested in market-leading international newspaper groups in Australia, New Zealand and South Africa.

In the UK it owns the Independent and Independent on Sunday newspapers, as well as the Belfast Telegraph Group. The daily Independent has seen its circulation boosted by the scrapping of its broadsheet format this year.

In September this year IN&M announced a 25 per cent rise in operating profit to 129million Euros (88million Pounds) for the half year to June 30, driven by growing advertising and circulation revenues.

IN&M declined to comment, but people involved in the talks said their advanced nature would be confirmed this week.