Liquor baron Vijay Mallya, through his private investment entity Pharma Trading Company, has acquired a 51 per cent stake in Rifa Publications, which runs the popular film magazine Cine Blitz.
He has the option of acquiring the balance 49 per cent stake within the next week, that is, by October 31.
The cost of acquiring the 51 per cent stake could not be ascertained. Cine Blitz is owned by the Dubai-based non-resident Indian (NRI) Ketan Somaiya, and Karl and Rita Mehta.
More From This Section
In a press release, Mallya said, "I have personal media interests across the world that are not involved with the UB group. I find media both exciting and challenging. Cine Blitz adds a new dimension to my existing media interests and I find prospects for future challenge. It also complements my interest in lifestyle and aspirational brands.'
Rita Mehta will continue to be editor-in-chief of Cine Blitz. The company has also appointed socialite Parmeshwar Godrej, columnist Shobha De and ex-cricketer Sunil Gavaskar on its board.
Apart from India, Mallya has private media investments in five weekly newspapers in the US and the Millionaire Magazine group that publishes 12 editions across 20 countries including the Sojourn Magazine for the Sheraton Starwood group in Africa, Middle East and Asia.
The UB group, through UB Holdings, holds about 33 per cent in Asian Age Holdings, which owns the daily newspaper Asian Age.
Among others, Venkat Ram Reddy of Deccan Chronicle and M J Akbar hold 26 per cent each in Asian Age, the Essel group chairman Subhash Chandra in his personal capacity holds about 15 per cent.