FT to pick up 13.85% in BS

[icernet-admin at listserv.cddc.vt.edu]

The Financial Times will pick up a 13.85 per cent stake in Business Standard
Ltd for Rs 14.1 crore. The details of the agreement will be worked out
before Business Standard applies for government approval for the investment
under the FDI rules for print media framed last year. The deal puts Business
Standard Ltd's valuation at Rs 101.8 crore. This will be the second major
foreign investment announced in an Indian newspaper, the first being
Henderson's proposed acquisition of a 20 per cent stake in HT Media Ltd,
floated by Hindustan Times Ltd. However, it is the first such investment by
a leading global newspaper. Business Standard and Financial Times first
began their cooperation a decade ago through editorial syndication of
reports from FT's 300 correspondents worldwide. Over the years, the
cooperation has been further expanded. 

Source:
http://www.business-standard.com/updates/news.asp?story=5698