Media conglomerate Jagran Prakashan today said it has acquired Suvi Info Management (Indore) Pvt Ltd whose subsidiary Naidunia Media Ltd publishes Hindi daily ‘Nai Dunia’ in Madhya Pradesh and Chattisgarh.
The company,however,did not give the financial details of the acquisition.
Commenting on the development,Jagran Prakashan Ltd Chairman and MD Mahendra Mohan Gupta said: “This was a logical market expansion for us and enables us to strengthen our presence in Central India.”
Nai Dunia has multiple editions published from Indore,Gwalior,Jabalpur and Bhopal in Madhya Pradesh and Raipur and Bilaspur in Chattisgarh,the company said in a filing on BSE.
“With the acquisition of Mid Day in 2010 and this acquisition,we are well on our way towards implementing our strategy for inorganic growth through mergers and acquisitions as on one hand it allows to begin with a sizable scale with much lower investment and on the other hand,it saves the long gestation period typical of print industry,” Gupta added.
The paper (Nai Dunia) has a current circulation base of nearly 5 lakh copies per day,Jagran Prakashan added.
“The acquisition enables us to leverage our existing network and will have significant operating synergies,” Gupta said.
Shares of Jagran Prakashan were today trading at Rs 102.25 in the afternoon trade on BSE,up 1.64 per cent from the previous close.