Independent's investment will see more Jagran print centres

Buoyed by investments made by UK-based Independent News & Media, Jagran Prakashan plans to open a string of printing centres around the country. The fund will also be used to modernise the present setups.

Confirming the development to agencyfaqs!, Sanjay Gupta, Director, Jagran says, "Each printing centre needs an investment between Rs 7-10 crore.”

Ireland-based Independent News & Media is paying 17.8 million pounds for a 26 per cent stake in the Indian publishing company.

Gupta says, "We also need to modernise our existing setup. The call for the day is to have more coloured pages and we need to have technologically advanced machines at our print centres.”

However, Gupta declined to give details on the number and location of the printing centres. He said that the new board – which will have one-fourth of the total strength of the board from Independent News & Media – will take a decision on this.”

He added, "At present, we have applied for the government's approval and as soon as we get the approval, we will take a call on this.”

Gupta, however, ruled out any possibility of launching new titles with the investment in the near future.

Commenting on the new partner, Gupta says, "Independent News & Media is a master in print business and we hope to leverage their expertise in this field. Independent News & Media will finance the acquisition from existing cash balances and is expected to enhance earnings immediately."

Independent News, which has media interests in Ireland, Australia, New Zealand, South Africa and the UK, said its 2004 revenues were "comfortably ahead of 2003" due to advertising and circulation growth and strong local economies.

Jagran, established in 1942, is controlled by the Gupta family and is based in Kanpur. It publishes editions from 25 centres. Gupta expects revenues to grow at more than 25 per cent annually, with subscriptions rising at about 15-20 per cent.

© 2004 agencyfaqs!