Acquires Suvi Infomanagement (Indore) Pvt Ltd that owns Nai Dunia Media Ltd; gains strong foothold in Madhya Pradesh market
BestMediaInfo Bureau | Delhi | April 2, 2012
Jagran Prakashan Ltd has informed BSE that it has acquired Suvi Info Management (Indore) Private Ltd at the close of business hours on March 31, 2012. Naidunia Media Ltd, which publishes the NaiDunia daily, is a subsidiary of Suvi.
NaiDunia is a leading Hindi dialiy published from Madhya Pradesh and Chattishgarh. The newspaper was launched in 1947 and has, over the years, attained a pre-eminent status as a Hindi daily in the print media in these two states. NaiDunia has multiple editions published from Indore, Gwalior, Jabalpur and Bhopal in Madhya Pradesh and Raipur and Bilaspur in Chhattisgarh.
NaiDunia’s current circulation base is approximately 5 lakh copies per day. Placed amongst the top 10 Hindi newspapers in India, it has been one of the fastest growing newspapers in the market with a readership growth of 2.6 times over the last five years.
Mahendra Mohan Gupta, Chairman & Managing Director of Jagran Prakasha Limited, said, “This was a logical market expansion for us and enables us to strengthen our presence in Central India. NaiDunia is a newspaper with a very strong team and has demonstrated editorial excellence over the last several decades. With the acquisition of Mid-Day in 2010 and this acquisition, we are well on our way towards implementing our strategy for inorganic growth through mergers and acquisitions as, on the one hand, it allows to begin with a sizeable scale with much lesser investment and, on the other, it saves long gestation period typical of print industry. The acquisition will enable us to leverage our existing network and will have significant operating synergies.”
Ernst & Young was the exclusive financial advisor in the transaction.