Deal size: Rs 125 cr * First FDI in a newspaper company to trigger media war in Mumbai
In what will be the first overseas investment in a newspaper company after the government opened the sector last year, AMP of Australia, which has interests in banking, insurance and pensions, is picking up a 20 per cent stake in Hindustan Times Ltd for Rs 125 crore. This will give AMP a representation on the board of the company.
With this money in its war chest, Hindustan Times will take the battle to the enemy camp by launching its Mumbai edition.
In the past couple of years, Hindustan Times and The Times of India have been involved in a slugfest in Delhi