INM likely to sell €34m stake in Indian group

INDEPENDENT News & Media (INM) is likely to sell its remaining €34 million interest in Indian media group, JPL, in order to further reduce its debt levels, according to analysts.

In a research note, issued yesterday, detailing an upgrading of its earnings forecasts for the Irish media group, Davy Stockbrokers said that it expects INM to raise a further €34m by selling out of the Indian group.

INM originally bought a 20.8% stake in JPL (Jagran Prakashan Ltd) in 2005, reducing this by 7.3% in July of last year – as part of its high profile debt reduction and financial restructuring drive.