Emap plc on Wednesday said it has acquired a 40 per cent stake in India based magazine publisher Next Gen Publishing Ltd for about Rs 30.13 crore (3.7 million pounds) in an all cash deal.
“As one of the fastest growing economies in the world experiencing a marked increase in wealth and consumerism, we see India as a prime market that will be highly receptive to our brands.
“Next Gen's presence in the market will provide us with a strong base from which to explore opportunities to develop both our consumer and B2B brands,” Emap Consumer Media Chief Executive Paul Keenan said in a statement.
Having worked with the management team since the company was first founded, we are confident in their ability to achieve our joint objectives, he added.
Next Gen, the current licensee of the Indian edition of 'Car India' magazine has two main businesses — consumer and B2B magazine publishing and business directory publishing.
Next Gen was jointly established by Forbes Gokak Ltd, one of India's oldest business groups and HDFC Ltd to offer the best in the field of publishing through niche and special interest magazines and business directories.
The business is headquartered in Mumbai with branches in New Delhi, Ahmedabad, Pune, Bangalore and Chennai.
Source : Economic Times