Irish publisher Independent News & Media (INM)has sold its remaining 5.7 per cent stake in Indian publisher Jagran Prakashan Limited (JPL). The stake netted INM €32 million (£26.5 million), which it said will go towards reducing bank debt.
INM had already sold most of its stake in the Indian media group, which it first acquired in 2005, over the course of the past year to pay off debt, accptdomg to the Guardian. It had acquired 26 per cent of Jagran Prakashan Ltd for €28.5m and reduced it from 20.7 per cent to zero since last July. INM said that it has received a total of €96m over the past 14 months.
INM added that the proceeds would be used to "further reduce bank debt consistent with our immediate priority and market guidance".
At the request of the Gupta family, the founder and majority shareholder in JPL, INM's chief executive, Gavin O'Reilly, will continue to serve as an independent director.
"Having been the first international media group to invest in the burgeoning Indian newspaper market in 2005 ... we remain open to the many exciting possibilities in the Indian media market in the future," said O'Reilly. "It is fitting to recognise that our five-year investment in JPL has been a highly profitable one for INM. At the appropriate time, we shall continue to work with JPL and the Gupta family in exploring other ventures in what is undoubtedly one of the most exciting media markets in the world."
