and Media (INM) Investments has picked up a 20 per cent stake in the Jagran Group's radio venture, Radio Mantra. This is the company's second partnership with the Jagran Group, the first being with Jagran Prakashan.
Rahul Gupta, director and project head, Jagran Radio, says that the alliance was long awaited. "We had sought the government's approval long back, but it has materialised only now." He says that the deal is the result of their association and comfort level with INM. "This partnership is not just limited to financials, but extends to their expertise in markets abroad as well," he adds.
Gavin O'Reilly, chief operating officer, INM, says, "The radio business in India in the coming years looks good because of the prospering Indian economy. Through this association, we look forward to cashing in on the growth in this sector."
Radio Mantra launched its first station in Hissar early this month. The Jagran Group has acquired licences to operate radio stations in Agra, Varanasi, Bareilly, Gorakhpur, Hissar, Jalandhar, Karnal and Ranchi. Radio Mantra aims to reach out to untapped Hindi speaking markets. 'Dainik Jagran' already has a strong presence in these markets in collaboration with INM.
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