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Jagran receives Blackstone investment announced last year

Jagran receives Blackstone investment announced last year
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First Published: Thu, Jul 21 2011. 10 40 PM IST
Updated: Thu, Jul 21 2011. 10 40 PM IST
New Delhi: In an announcement to the Bombay Stock Exchange, Jagran Prakashan Ltd (JPL), publisher of Hindi daily Dainik Jagran said it had got the investment from Blackstone GPV Capital Partners (Mauritius) V-Q Ltd, a New York based private equity firm. In April 2010, Jagran Prakashan Ltd had announced that Blackstone was investing Rs Rs225 crores in its holding company Jagran Media Network Investment Pvt. Ltd (JMNIPL).
According to R K Agarwal, chief finance officer of Jagran Prakashan Ltd, the company informed the stock exchanges on Thursday as it has finally received the money, more than a year after the deal was announced. “Since it’s a foreign direct investment, we had to take approval from the Foreign Investment Promotion Board (FIPB). The clearance came in June this year,” Agarwal said.
He added that the investment will help in increasing the liquidity of the company and will be used as and when it needs capital for expansion or acquisition. “It is basically a war chest for us,” Agarwal said. A Blackstone spokesperson confirmed that funds have been transferred to Jagran Media Network Investment Pvt. Ltd.
JMNIPL became a holding company of Jagran Prakashan Ltd last week with 59.46% equity share in JPL.
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First Published: Thu, Jul 21 2011. 10 40 PM IST