The Aditya Birla Group today announced that it has agreed to take a 27.5% stake in Living Media India Ltd. (India Today Group), through a private investment company.
This brings the multi-national conglomerate into the company of others like Mukesh Ambani’s Reliance Industries and the Anil Ambani Group that have significant investments in the media sector.
“The media sector is a sunrise sector from an investment point of view. I believe that Living Media India offers one of the best opportunities for growth and value creation,” said Kumar Mangalam Birla, Chairman, Aditya Birla Group.
The group owns brands like Grasim, Hindalco and Ultratech and has a large consumer-facing business.
Living Media group runs the Headlines Today TV channel, controls the Mail Today newspaper and runs magazines such as India Today, Business Today etc..
“I am delighted to partner with the Aditya Birla Group to aggressively address the current and future potential of the Indian media business which is at a tipping point. The Aditya Birla Group with its strong leadership, global footprint, diversified business interests and its shared values of integrity, commitment and social responsibility make it a perfect fit with the India Today Group,” said Aroon Purie, Chairman of the India Today Group.