New Delhi, Oct 10 (IANS) Close on the heels of signing a joint venture with the Hindustan Times group for launching a new daily in the Indian capital, the Times of India group has picked up a stake in Sandesh, a leading Gujarati daily.
The Times of India group has picked up 12 percent preferential equity of the Ahmedabad-based Sandesh Ltd, a company listed on the Bombay Stock Exchange (BSE). This is fresh equity and would not dilute the promoters' stake in Sandesh, a press release issued by The Times group said.
Bennett, Coleman & Co Ltd (BCCL, the Times group's parent company) and Sandesh have also signed an agreement for cooperation in key business areas like advertising sales, distribution and printing.
The agreement was signed last week. The board of directors of Sandesh has cleared the proposal and it has been forwarded to the Securities and Exchange Board of India (Sebi) and the BSE for their respective clearances, the release said.
'This is a unique partnership which would benefit both groups and create shareholder value,' Sandesh chairman and managing director Falgun Patel said.
BCCL managing director Vineet Jain was upbeat. 'I am confident this business cooperation and arrangement agreement (BCAA) will go a long way towards meeting the new aspirations of readers in Gujarat and create even more value for advertisers,' he said.
Sandesh has five editions in Gujarat and a readership base of over 4.6 million, the release said.