So it’s finally done, and as had been predicted, the Mukherjea’s appear to have exited INX News: Indiantelevision.com reports that Indi Media, a joint venture between Vijay Chhajlani, promoter of the Naidunia Group and Jehangir Pocha have bought the approximately 50% stake held by Peter and Indrani Mukherjea. In this context, do note that Jehangir Pocha, editor of Businessworld, was reported to have put in his papers. So it appears that Chhajlani is putting in the money, and Pocha will manage the news operations. More on Pocha on his site.
The rest of the stake is reportedly held by Temasek Holdings, New Silk Route, New Vernon Private Equity Fund, Kotak Mahindra Capital and SREI. What’s interesting is that Peter and Indrani Mukerjea will continue to hold stake in INX Ltd, which runs the channels 9X and 9XM. Are they next? Remember that news and non-news operations usually operate separately in India because the amount of foreign investment allowed in news media companies is 26%. NewsX has a news site, while
Over the past month or so, INX has been reported to be in talks with Rajeev Chandrasekhar, founder of Jupiter Capital, as well as the Dainik Bhaskar group, though both were denied. More on this deal as we have it. We’re reliably told that Jehangir Pocha is about to reach the NewsX office to give a little speech.
Update: According to our sources, Pocha will join NewsX next month; details of the deal have still not been disclosed, but most publications are reporting that Indi Media has picked up the entire 100% stake in NewsX. Does that mean that Temasek Holdings, New Silk Route, New Vernon Private Equity Fund, Kotak Mahindra Capital and SREI? Nothing confirmed, but the buzz is that the funds could also have picked up stake in Indi Media.