Web Sify
Follow us on
Mail
Print

CORRECTED-India's Future Group in talks to sell its 65 pct stake in comic book company-sources

Source : REUTERS
Last Updated: Wed, Sep 04, 2013 09:50 hrs

(Corrects name of magazine in paragraph 2 to Tinkle from Twinkle)

MUMBAI, Sept 4 (Reuters) - India's Future Ventures is in talks to sell its 65 percent stake in entertainment and education company ACK Media for about $25-$29 million, two sources with direct knowledge of the matter told Reuters.

ACK Media owns the country's leading children's magazine brands Amar Chitra Katha, Tinkle and Karadi Tales.

"This is on the cards and talks are on but it will take some time," said C.P. Toshniwal, chief financial officer of Future Group. Future Ventures is the alternate investment arm of Future Group, India's largest retailer.

Toshniwal had earlier told Reuters the company was trying to raise 6-8 billion rupees ($88-$118 million) by offloading stakes in fashion brands to strategic and private equity players. But the plans have been hit as the rupee volatility and weak capital market conditions have spooked investors.

ACK Media Chief Executive Vijay Sampath declined comment.

Amar Chitra Katha, ACK Media's flagship brand, was founded in 1967 and sells over 1.5 million copies every year with more than 400 comics in 20 languages, according to its website.

Elephant Capital, owned by promoters of healthcare products firm Dabur India, is the other investor in the company. ($1 = 67.9700 Indian rupees) (Reporting by Indulal PM and Nandita Bose; Editing by Prateek Chatterjee)




More from Sify:
blog comments powered by Disqus
most popular on facebook
talking point on sify finance