TV18 Eyeing Business Print Space; To Raise $45 Million Via QIPs

Television Eighteen Ltd, the leading Indian media group and also the owner of the business channel CNBC India, may look at entering business print media space. Raghav Bahl, CMD of the group, recently told his own channel that he would be open to entering the print media – but only in the business news segement. Over the last few months, Delhi media circles have been abuzz with speculation that TV18 might acquire Business Standard (BS), a leading Indian business newspaper where London’s Financial Times holds a minority stake. Kotak Mahindra, a leading Indian financial group, owns a majority stake in BS.
Going by Bahl’s statement, it’s likely TV18 group may take a stab at BS, which badly needs capital infusion and an aggressive partner to get to the next level. Business newspaper space is getting crowded and competitive too with Hindustan Times launching its own called Mint. Although it may be too early for Mint to make its presence felt, the paper has an exclusive tie-up with Wall Street Journal and is a serious attempt from HT Media.
Meanwhile, Indiantelevision reports that TV18 is raising Rs 2 billion ($45 million) via qualified institutional placement (QIP). The company has mandated HSBC for the fund raising. Indiantelevision quotes Bahl: “We are going for a QIP issue of Rs 2 billion…We have several expansion plans. We are also looking at an opportunity in the business print space but nothing has come up.”

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