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Times to invest Rs100 cr in Videocon

11-August-2005
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Times to invest Rs100 cr in Videocon

Bennett, Coleman & Co, which publishes the Times of India, is all set to invest nearly Rs 100 crore in Videocon Industries.

The consumer electronics company has proposed to offer preferential shares to the media firm at a premium. Videocon will place a resolution to this effect at its extra-ordinary general meeting on August 28.

When contacted, Venugopal Dhoot, chairman, Videocon, said he was not aware of such a development. But Ravi Dhariwal, executive member of BCCL, confirmed this. Dhariwal said, “It is a confidential agreement only for the purposes of advertising.”

With this allotment, Videocon will be allowed to use various media of BCCL for marketing and promoting its products and services. For BCCL, this is the fourth such long-term advertising deal through equity participation in companies in the last three months.

The media company had picked up a 15 per cent stake in Media Video in July and a seven per cent stake in Today’s Writing Products.

It had also picked up a 15 per cent stake in garment company Hakoba Lifestyle.

Earlier, BCCL had struck deals to pick up equity stakes in two other companies. In Chennai-based Celebrity Fashions, that owns the menswear brand Indian Terrain, BCCL acquired a 12 per cent stake. In the Rs 650-crore Pantaloon Retail India, it has taken a 4.53 per cent stake.

As a trade-off, Bennett is expected to push and promote the companies’ brands through its media products, including The Times of India, The Economic Times, Indiatimes, Zoom and Radio Mirchi.

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