ICICI Venture, will partner with the Indian Express Group for its Express Towers property. As part of the partnership, ICICI Venture will advise on upgradation and management of the property, and participate in maximising the potential of Express Towers.
The Indian Express Group is also proposing to demerge its publishing business to unlock value and provide impetus, as also give effect to the partnership. BMR Advisors is acting as the transaction advisor to the Indian Express Group.
Viveck Goenka, CMD of the Group, said, “These are exciting times for the Indian Express Group. Our partnership with ICICI Venture is one more step in the resurgence of the Express Group, now celebrating the 75th year of its existence. The coming months will see a sizable investment in all our publications and brands. We have, in the past two years, invested Rs 150 crore in new technologies, units and presses. Going forward, the company plans to focus on building its brands and launching new publications and editions.”
The Indian Express Group was set up in 1932 with the launch of the ‘Indian Express’ newspaper and publishes various other titles, including ‘Financial Express’, ‘Jansatta’, ‘Loksatta’, ‘Screen’, ‘Express Computer’, and operates an online portal Expressindia.com.
ICICI Venture is a leading private equity (PE) fund in India and amongst the early entrants in the Indian private equity domain.