Investor Relations
News Detail
24th May 2005
INM announces receipt of Indian Government Approval for Newspaper Investment in India
Independent News & Media PLC [ticker: INWS.I; INWS.L] [.Independent'] is pleased to announce today that it has received formal, statutory Indian Government approval for the purchase of 26% of Indian newspaper publisher, Jagran Prakashan Private Limited ['JPPL'], for a consideration of Rupees 1,500 million (.27.3 million).
This follows recent changes to India's foreign ownership legislation in the media sector and the earlier announcement (22nd December 2004) of Independent's intention to invest in JPPL, which was subject to approval by both the Indian Ministry of Information and Broadcasting and the Indian Foreign Investment Promotions Board. Both of these formal approvals have now been received.
