(Corrects name of magazine in paragraph 2 to Tinkle from
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
($1 = 67.9700 Indian rupees)
(Reporting by Indulal PM and Nandita Bose; Editing by Prateek