Aditya Birla Group picks up 27.5% stake in India Today Group

The announcement brings to an end the speculation about an impending stake sale by Living Media that has been doing the rounds for some time

BestMediaInfo Bureau | Delhi | May 19, 2012

The $35-billion Indian multinational, Aditya Birla Group, has agreed to make a financial investment of 27.5 per cent in Living Media India Ltd (India Today Group), through its private investment company.

Commenting on the investment, Kumar Mangalam Birla, Chairman, Aditya Birla Group, 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 of Living Media India, said, “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.  The Aditya Birla Group 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 expects to embark on a high growth and expansion strategy across all its existing and new businesses.

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