The Hindu Business Line : <I>FT </I>picks up 13.85 pc in <I>Business Standard </I>

AN 11-year partnership between the Financial Times and Business Standard was formalised today with a stock-holding deal, in which FT picked up 13.85 per cent stake in BS for Rs 14.1 crore.

This, according to Mr David Bell, FT Group Chairman, is the first equity investment in an Indian newspaper by a foreign media investor.

The eight-member board of BS will now include one representative of FT.

The stake acquisition by FT was mainly fresh equity and a dilution of a portion of the shareholding of Mr T.N. Ninan, Editor and Publisher of BS.

FT said it intends to develop this alliance into a two-way partnership. FT's alliance with BS in India is a continuation of its growth strategy in Asia.

"We have similar partnership around the world," Mr Bell said. FT has deals in Germany, South Africa, Russia, France and Spain. In France, it has a 100-per cent ownership in a business paper. In Spain, it has an 80 per cent stake in a business paper.

India, according to him, is the second largest English newspaper market in the world. "We are a world newspaper and we need to be here," he said.

BS, on its part, wants to retain a premium position in the market.

Kotak Group holds 54 per cent stake in BS, while GE Shipping holds 28 per cent and Mr Uday Kotak four per cent in his personal capacity.

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FT picks up 13.85 pc in Business Standard