Mumbai: Aditya Birla Group on Friday said it will buy 27.5 per cent stake in the holding firm of the India Today Group, Living Media India Ltd for an undisclosed amount. The investment will be made by Aditya Birla Group's private investment company, Aditya Birla Group said in a statement.
Commenting on the development, Aditya Birla Group Chairman Kumar Mangalam Birla said, the media sector was a sunrise sector from an investment point of view.
"I believe that Living Media India offers one of the best opportunities for growth and value creation," he added. India Today Group Chairman Aroon Purie said, "I am delighted to partner with the Aditya Birla Group to aggressively address the current and future potential of the Indian media business which is at a tipping point."
The transaction is subject to the customary approvals. The India Today Group has interests in both print and electronic media and is also into printing business through Thomson Press.
Recently, the Aditya Birla Group has been actively investing in other sectors. Last month, it had announced that it plans to pick a controlling stake in Future Group's Pantaloon format and will infuse Rs 800 crore in equity and also take care of Rs 800 debt liability of Pantaloon.