Indian Express plans brand rejig

Rs 100 cr expansion includes new editions and edit content revamp.

As part of its brand positioning, The Indian Express Group of Publications has embarked on a Rs 100 crore expansion and upgrade that envisages new editions, design, technology and edit content revamp.

The brand overhaul is part of the group's proposed initial public offering, for which the Rs 300-crore group has already commissioned PricewaterhouseCoopers to undertake due diligence of the company.

A new edition for the Gulf countries is in the offing while on the domestic front, the group would have nine new printing sites that would create huge printing capacities for their own publications as well as third-party contracts.

"An IPO is very much a possibility and we have hired PwC to do a due diligence internally as a step towards that. Manchanda & Manchanda is conducting market surveys. However, the valuation process has not started yet. First, we have to put a good business plan in place," said Shekhar Gupta, group CEO.

As regards foreign investment, Gupta said the group was open to it, "had some talks but not substantive enough".

"We will not distinguish between domestic or foreign capital," he said.

The Indian Express, Financial Express, Lok Satta and the film magazine Screen would be undergoing a printing as well as edit and design upgrade in the next 3 months, at an investment of over Rs 100 crore, he added.

The funds will be raised through internal accruals and debt restructuring, Gupta said.

The group has already put in place new machinery and technology. The publications would have more pages, all in colour, more editions and printing sites.

On the long awaited magazine launches from the Indian Express group, Gupta said the plans were still in place and Sandipan Deb - who recently stepped in as the editor of The Financial Express - would continue heading the division.