The takeover plan of Kolkata TV by the Jain Group has not materialised. The deal fell through due to differences in opinion regarding financial aspects of the acquisition, and both parties unanimously decided not to go ahead with the deal.
Manoj Kumar Jain, Managing Director, Jain Group of Industries, said, “We wanted to foray into the entertainment segment with the acquisition of Kolkata TV, unfortunately the deal fell through. Our plans for entering this segment have been put on hold for an uncertain period of time. However, we wish Kolkata TV and its team the very best for their future plans.”
In early December 2007, an official spokesperson from Jain Group had confirmed that negotiations were on between the two parties. It was also confirmed that the Kolkata-based company with interests in the infrastructure development space would hold 80 per cent stake in the Bengali news channel, and that it would take full-fledged managerial and operational control, with Tathagatha Datta, one of the original promoters, continuing his association as Advisor and Chief Editor.
Meanwhile, Jain Group plans to concentrate its efforts on developing its existing verticals that include steel manufacturing, power generation and real estate development.
See earlier report:
Jain Group takes over Bengali news channel Kolkata TV