ICICI Ventures, the private equity arm of the country's biggest private bank, will partner with the Indian Express Group for its Express Towers property and plans to take a minority stake in the business.
“As part of the partnership, ICICI Venture will advise on upgradation and management of the property, and proposes to acquire a minority stake in the property business, and participate in maximising the potential of Express Towers,” a press release from the newspaper group said.
The Indian Express Group also plans to demerge its publishing business to unlock value and provide impetus, as also give effect to the partnership. BMR Advisors is acting as the transaction advisor to the media house, the release said.
Vivek Goenka, chairman and managing director of the Group, said: “These are exciting times for the Indian Express Group. Our partnership with ICICI Venture is one more step in the resurgence of the Express Group, now celebrating the 75th year of its existence.
“The coming months will see a sizable investment in all our publications and brands. We have, in the past two years, invested Rs 150 crore in new technologies, units and presses. Going forward, the company plans to focus on building its brands and launching new publications and editions.”
The Group was set up in 1932 with the launch of 'Indian Express' newspaper. It also publishes various other titles, including Financial Express, Jansatta, Loksatta, Screen, Express Computer and operates an online portal 'expressindia.com'.
Source: Economic Times