Warburg Pincus to invest Rs 276 crore in Laqshya Media

By afaqs! news bureau , afaqs!, Mumbai | In OOH News | June 24, 2008
Having built a strong business in India, Sri Lanka and the UAE, Laqshya Media plans to expand its business across West Asia, Africa and Southeast Asia

Warburg & #BANNER1 & # Pincus, a global private equity firm, will be investing Rs 276 crore in Laqshya Media, a leading out of home (OOH) media advertising company. The investments will be made over the next year.

Alok Jalan, managing director, Laqshya Media, confirmed to afaqs! that Warburg Pincus will have a "minor stake" in Laqshya. Earlier news reports suggested that Warburg Pincus will have a 15 per cent stake in the company. Avendus Capital was Laqshya's sole financial advisor for the transaction.

Laqshya has plans to develop world class media assets and focus on major cities and developing sectors such as airports, transit systems and street furniture, including modern bus shelters and pedestrian bridges. It has already invested in developing civic infrastructure such as pedestrian bridges and public toilets in cities such as Indore, Hyderabad and Chennai. Recently, Right Angle Media, a part of Laqshya, was appointed to build and operate more than 1,000 air conditioned bus queue shelters in Dubai.

Jalan says, "This investment comes at a time when the OOH space is growing dramatically. We will be capitalising on the multiple growth opportunities and will accelerate our company's expansion plans to build our leadership position across India and overseas."

Julie Johnson Staples, head, communications, Warburg Pincus, says, "Outdoor advertising in India is undergoing a period of rapid and transformative growth and we look forward to partnering with Laqshya Media, a recognised leader in this sector."

UTI Ventures is also a shareholder in Laqshya Media and invested Rs 45 crore in the company in 2006.

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