Sarkar, Wadia pegged to be Star India's future partners

Those on the shortlist are said to include Aveek Sarkar of the Anand Bazaar Patrika (ABP) group and Nusli Wadia of Bombay Dyeing. Hindustan Times (HT) promoted by the Bhartias seems to be out of the running.

The final decision is likely to be that of Rupert Murdoch. A source in Star says: "A final decision will be taken after 15 September 2003."

Star can make an application to the government for approval of a new equity structure till 28 September of a new equity structure that will be within recently announced guidelines for TV news companies.

Sarkar and Wadia have their own supporters. Shareholder and senior advocate Raian Karanjiwala and adman Suhel Seth are supporting Wadia while Member of Parliament Rajiv Shukla is on Sarkar's side. Wadia has friends in the ruling Bharatiya Janata Party (BJP) favouring his case while Sarkar also has friends in the ruling party and among senior journalists close to the BJP.

Among the other visitors understood to have met Murdoch in Mumbai are Sunil Alagh, the recently sacked chief executive of Britannia Industries, where Wadia is the chairman and one of the two controlling shareholders. Alagh is said to be a close friend of Sarkar.

According to sources, Star seems favourably inclined towards Sarkar and ABP because it is a media group and believed to be a congenial partner. But here the big question is ABP''s ability to fund its share of the investment.