It’s official. The $35-billion Aditya Birla Group (ABG) and India Today Group’s holding company Living Media India have come to an agreement, where ABG will pick a 27.5 per cent stake in Living Media.
Commenting on the investment, Kumar Mangalam Birla, Chairman, ABG said, “The Indian media sector is a sunrise sector from our investment point of view. I believe that The India Today Group offers one of the best opportunities of growth and value creation. ITG’s management ethos, values, brands, product portfolio and future plans offer one of the best opportunities for growth and value creation.”
Aroon Purie, Chairman, India Today Group added, “I am delighted to partner with the Aditya Birla Group to aggressively address the current and future potential of the Indian media business which is at a tipping point. ABG with its strong leadership, global footprint, diversified business interests and its shared values of integrity, commitment and social responsibility make it a perfect fit with the India Today Group.”
With this development, India Today Group is set to embark on a high growth and expansion strategy across all its existing and new businesses.
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