Jagran Production Ltd, formerly known as Shrey Chemicals Ltd, is moving the part ownership of Atlas Consolidated LLC – a joint venture between US-based emerging markets fund Greenwich Equity and Jagran Infra Project Private Ltd – under itself by transferring the stake held by Jagran Infra Projects to Jagran Production, as per a stock market disclosure.
The company, which is not related to Blackstone-backed media giant Jagran Prakashan, will seek its board of directors’ approval in a meeting that will be held on November 25, 2014, the disclosure said.
The move to transfer the business is part of the company’s plans to participate with Atlas on active basis to deploy Rs 1,200 crore (around $200 million) investment in cable network in India, it said.
Atlas Consolidated is also the holding company for all of Greenwich and Jagran’s joint investment in the cable and media space.
In July this year, Atlas Consolidated decided to enter the Indian cable television market with the tie-up with industry veteran Nagesh Chhabria-promoted Bhima Riddhi Digital Services, which runs cable TV networks in parts of Karnataka, Maharashtra, Goa and Gujarat. The two companies signed a memorandum of understanding to create a nationwide multi-screen operator (MSO) with about $200 million being pumped into it.
Chhabria will bring his cable TV assets into the new company. Bhima Riddhi has a subscriber base of one million spread across Maharashtra, Karnataka and Goa.
Last year in August, Shrey Chemicals, now known as Jagran Production, had agreed to acquire the entire businesses of Jagran Entertainment Media and Jagran Infra-Projects, which is engaged in trading activities, as a going concern. Jagran Entertainment Media is engaged in the entertainment business and produces mainstream Hindi cinema, television shows and events,
Apart from entertainment activities, Jagran Entertainment is engaged in media buying in print and television for clients across the globe. Currently pre-production work is over for two of its movie projects.
It also owns 24 per cent stake in another small listed firm Trilogic Digital, a Mumbai-based media and content syndication firm which acquired the entire business of Fashion Television (FTV) franchisee Trinity Dream Works Pvt Ltd (TDPL) earlier.
(Edited by Joby Puthuparampil Johnson)