HT BurdaHT Media Ltd has informed BSE that it has received an ‘in-principle’ approval from the company’s board to offload its entire 51% stake in HT Burda Media Ltd to Burda Druck GmbH for Rs 60 crore.

The company mentioned that this divestment was made following a strategic review of HT Media’s plans and noted that the gross margins in the printing business were much lower than the margins in the print media business, due to which it sold its stake to Burda Druck.

Founded in 2008, HT Burda Media Ltd was a joint venture between HT Media Ltd and Burda Druck GmbH, Germany. It had setup a Rotogravure printing installation in India, which claimed to have a facility which can convert up to 150 tonnes of paper per day, and produce 1,50,000 perfect bound books and 2,00,000 saddle stitched books per day. Some of the company’s clients in India include Unitech, Cairn, Spicejet, Tata Motors, ABB, Larsen & Toubro, Hindustan Unilever, Sahara, DLF, Lupin, Outiror and IKEA among others.

Burda Druck GmbH, which is a part of the Hubert Burda Media Group, has its presence in various platforms like print, publishing, television channels, radio, mobile, online, E-Commerce, events, direct marketing, promotions and research among others. It claims to print more than 50 magazines, catalogs and brochures like as Elle, Playboy, Focus and Lisa, among others.

Other developments at HT Media

Earlier this month, HT Media had reported digital revenues of Rs 13.79 crore for the quarter ended December 31, 2012, registering a 18% increase from Rs 11.67 crore revenues in the same quarter last year. The company had also launched an augmented reality app, ARPlus, for its Hindi newspaper, Hindustan last month.

In December 2012, HT Media’s jobs classified site had partnered with social recruitment platform MyParichay to offer Facebook recruitment solutions to employers. In the same month, HT Media had also picked up 40% stake in MyParichay, through its subsidiary Ivy Talent India.