Independent Group Buys Into Indian Paper

Tony O'Reilly's Independent News & Media today completed a £19m investment in one of India's leading newspaper groups.

INM - the owner of the Independent, Independent on Sunday and the Belfast Telegraph in the UK - said the Indian government had agreed to let it take a 26% stake in Jagran Prakashan, which publishes the world's most widely read Hindi newspaper, the Dainik Jagran, as well as operating one of India's most popular websites, jagran.com.

Dainik Jagran is in its 62nd year, sells over 2m copies a day and publishes 25 editions from 25 printing centres across India.

INM's 26% stake is the largest shareholding a foreign group can take in an Indian media company, under newly liberalised Indian government rules.

"We are delighted that our new theatre of strategic investment, India, has finally been made possible by these approvals," said Mr O'Reilly. "The Indian market remains one of the most exciting and fastest growing media markets in the world."