Aditya Birla group to buy 27.5 per cent stake in India Today group

The Aditya Birla Group is acquiring a 27.5 per cent stake in Living Media India Ltd, publishers of the India Today group of publications, for an undisclosed amount. The acquisition is being made through its private investment company, Aditya Birla Group said in a release today.

''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,'' Kumar Mangalam Birla, chairman of the Aditya Birla Group, said, commenting on the investment.

Living Media India Ltd, established by its editor-in-chief Aroon Purie, currently publishes 13 magazines, including India Today, Prevention, Men's Health, Design Today, Business Today, Good Housekeeping, Travel Plus, Reader's Digest, Golf Digest India, Harvard Business Review, Cosmopolitan.

It also operates three radio stations, four TV channels, one newspaper and a classical music label (Music Today).

"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,'' said Aroon Purie, chairman of the India Today Group. ''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," he added.

The India Today magazine, which started publication in 1975 with a circulation of 5,000 copies, currently publishes five editions of the magazine with a circulation of over 1.1 million copies and readership of over 5.62 million.

The transaction is subject to the customary approvals.