Dispelling all rumours doing the rounds regarding Independent News & Media (INM) mulling selling back its stake in Jagran Prakashan to repay its debts, Sanjay Gupta, CEO, Dainik Jagran, emphatically told exchange4media, “This is absolutely baseless and incorrect news.”
Independent News & Media is the owner of British daily The Independent. It is understood that INM is selling assets to relieve its £1.3 billion debt burden. Rumours have been afloat that the Irish publisher, which owns The Independent in Britain, is understood to have held discussions with the founding family behind Dainik Jagran about selling back its stake in the Hindi daily.
INM had acquired a 21 per cent stake in Jagran Prakashan, Dainik Jagran’s parent body, in 2004. Even though the Indian media and publishing market has been hit by the economic slowdown, compared to several publishing groups abroad, the Indian business is still growing strongly and has even registered a 37 per cent increase in earnings.
The Independent title was founded in 1942 by freedom fighter Puranchandra Gupta.
Independent News & Media (INM) is a leading international newspaper and communications group, with its main interests in Australia, India, Ireland, New Zealand, South Africa and the UK. Spanning four continents, 10 major markets and 22 individual countries, INM has market-leading newspaper positions in Australia (regional), India, Indonesia, Ireland, New Zealand and South Africa. In the UK, it publishes the flagship national title, The Independent, as well as being the largest newspaper group in Northern Ireland.