Jagran TV may offload in New Vernon

Televisionpoint.com Team
Jagran TV Private Limited, a group company of Kanpur-based Jagran, has decided to offload 25.7 percent stake in the TV venture to a Mauritius-based fund investor New Vernon Bharat Ltd.

Jagran TV, which runs Hindi news channel, Channel 7 has applied to the Foreign Investment Promotion Board (FIPB) seeking permission to raise RS is approximately Rs. 30 Crore from the deal.

Ireland's Independent News and Media already has an agreement for 26 percent of Jagran Prakashan, It may noted that according to Indian government guidelines, news channels uplinking cannot offload more than 26 percent equity stake to foreign companies or investors.

Jagran TV was incorporated on April 8, 2004, with a paid up capital of Rs 10 crore. Channel 7 is a 24-hour news and information channel, headquartered in Film City Noida, with a 25-bureau network across the country. Today, the channel is available to close to 25 Million households.