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Kotak Mahindra Grp buys 28pct in business paper
Posted by naatmad on Monday, 14 July, 2008
MUMBAI, July 14 – An associate of Kotak Mahindra Group has bought 27.76 percent stake in publisher Business Standard Ltd that was held by Great Eastern Shipping Co Ltd , the publisher said at the weekend.
Infina Finance Pvt Ltd, an associate of Kotak Mahindra Group, which controls Kotak Mahindra Bank , which bought the holding did not disclose financial details.
The Mint newspaper on Monday said GE Shipping had bought 33 percent in Business Standard in 1998 for 250 million rupees , a stake that was later diluted to 28 percent.
In April, Infina had bought 13.85 percent of Business Standard that was held by Financial Times publisher Pearson .
Revenue for newspapers in India grew 17 percent in 2007, according to estimates by PricewaterHouseCoopers.
Source Reuters
