Independent News and Media has purchased of a 26 per cent stake in Indian newspaper publisher Jagran Prakashan Private Limited (JPPL) for €27.3 million.
JPPL is the publisher of the Hindi-language newspaper Dainik Jagran, which sells over 2 million copies per day.
Dainik Jagranis the most widely read newspaper in India and has one of the largest daily readerships of any newspaper worldwide (17.5 million readers); it publishes 25 editions from 25 printing centres across India.
The deal follows recent relaxation of rules governing India's foreign-ownership legislation in the media sector.
The remaining 74 per cent shareholders are members of the founding Gupta family.
The consideration will be financed from Independent's existing cash balances.