INM sells interest in Indian firm for €32m

INDEPENDENT News & Media (INM) has further reduced its overall debt by selling its remaining 5.7% interest in Indian media group Jagran Prakashan (JPL) for €32 million.

INM became the first international media group to invest in India’s newspaper market when it spent €28.5m on a 26% stake in JPL in 2005. However, since the middle of last year the Dublin-headquartered newspaper and diversified media group has been steadily reducing its interest in the Asian business as part of its high profile financial restructuring and subsequent debt reduction drive.

Despite its retreat from south Asia, the Irish group has made an impressive aggregate profit on its Indian investment, amassing around €96m through stake sales over the past 12 months.