MUMBAI, Jan 29 (Reuters) – U.S. private equity firm Blackstone Group [BG.UL] has invested $275 million in Indian media company Ushodaya Enterprises Ltd. for an undisclosed stake.
The Blackstone Group will also have representation on the Ushodaya board, a joint statement issued by the companies said.
Ushodaya, which publishes Telugu-language Eenadu newspaper and owns television channels under the same name, also plans to raise $190 million by way of debt, it said.
The deal is subject to regulatory approvals. Kotak Investment Banking was the advisor.
“We believe that the Indian media sector will be a key beneficiary of a secular trend in growth in personal consumption that is driving economic expansion, which in turn will spur advertising growth,” said Akhil Gupta, chairman and managing director, Blackstone Advisors India Pvt. Ltd.