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Pharma Trading Company picks up 51% stake in Rifa Publications

24-October-2001
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Pharma Trading Company picks up 51% stake in Rifa Publications

Vijaya Mallya, through his private investment entity Pharma Trading Company, has acquired a 51 per cent stake in Rifa Publications, which runs the popular film magazine Cine Blitz. He also has the option to acquire the balance 49 per cent stake by 31 October.

Cine Blitz is owned by the Dubai-based non resident Indian Ketan Somiya and Karl and Rita Mehta.

Rita Mehta will continue to be editor-in-chief of Cine Blitz. The company has also appointed Parmeshwar Godrej, Shobha De and Sunil Gavaskar on its board.

The UB group, through UB Holdings, holds about 33 per cent in Asian Age Holdings, which owns the daily newspaper Asian Age.

Among others, Venkat Ram Reddy of Deccan Chronicle and M J Akbar hold 26 per cent each in Asian Age, the Essel group chairman Subhas Chandra holds about 15 per cent.

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