ICICI Venture, India?s leading private equity (PE) fund, will partner with the Indian Express Group for its Express Towers property.
An Indian Express Group statement said on Saturday as part of the partnership, ICICI Venture will advise on upgrade and management of the property. It proposes to acquire a minority stake in the property business and participate in maximising the potential of Express Towers.
The Indian Express Group is also proposing to demerge its publishing business to unlock value and provide impetus as also give effect to the partnership. BMR Advisors is acting as the transaction advisor to the Indian Express Group.
Indian Express Group chairman and managing director Viveck Goenka said, ?These are exciting times for the Indian Express Group. Our partnership with ICICI Venture is one more step in the resurgence of the Express Group, now celebrating the 75th year of its existence. The coming months will see a sizable investment in all our publications and brands. We have, in the past two years, invested Rs 150 crore in new technologies, units and presses. Going forward, the company plans to focus on building its brands and launching new publications and editions.?