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Bennett, Coleman & Company (BCCL), the publisher of The Times of India and The Economic Times, may offload its majority stake in music and electronic retail outlet Planet M, according to a story in Business Standard. A few private equity firms and investment houses have evinced interest in picking up stakes in Planet M, it said. Since there are FDI regulations, it's likely that private equity firms or domestic investment companies could be the preferred buyers. Planet M chief executive officer Ajay Mehra confirmed the development, though did not divulge any details.

"Four players have approached us for picking up stakes in Planet M. We are now seriously evaluating the proposals. However, nothing has been finalised yet," Mehra told Business Standard. "We will take a decision soon on offloading the stake," he added.

Planet M, a retail chain of music and electronic home entertainment, has an annual turnover of over Rs 80 crore, and has been growing at 35 per cent for the last three years. (Business Standard; Via Agencyfaqs.com)