Thursday, August 17, 2006

Digital Broadcasters|India Jagran Group Sells Radio Stake

In India, the Kanpur-based, Jagran Group, a winner of broadcasting licences in Phase II of the FM Radio Station bidding process has announced it has applied to the Indian government for permission to sell a 20 per cent stake to Ireland's Independent News & Media Plc.

The share stake would be in the Group's radio subsidiary, Shri Puran Multimedia Ltd, which won 8 city station licenses in the states of Uttar Pradesh, Jharkhand, Punjab and Haryana.

Jagran Group's CFO R K Aggarwal was quoted in the Business Standard of India as saying the Group had moved the application before the government and was planning to launch these stations by March 2007.

[Independent News & Media Plc owns radio stations in various Commonwealth countries including Australia and New Zealand.]

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