A facsimile edition of British daily The Independent will soon be brought out from New Delhi by its Indian joint venture partner Jagran Prakashan Ltd, which publishes the popular Hindi daily Dainik Jagran.
The Independent, part of the 1.8-billion euro Independent News and Media, will also increase its stake in the Kanpur-headquartered Jagran Prakashan Ltd by 1-3 per cent from the current 20.8 per cent.
JPL was also in talks to sell 20 per cent stake in its radio venture to the UK-based group.
"Strategic partnership between JPL and INM enables us to offer a quality international newspaper to Indian readers. The Independent is known for providing unmatched editorial insights into global businesses, markets and economies and has maintained unrivaled journalistic standards worldwide," JPL chairman and managing director Mahendra Mohan Gupta said.
The two companies have reached an "in principle agreement" to publish the facsimile edition of The Independent (international edition) from New Delhi.
Under the current guidelines, Indian editions of foreign newspapers are not allowed, but they may bring out a facsimile edition of an international print, without any special India-specific news or advertisement published.
Jagran said it was also in talks to sell 20 per cent stake in its radio arm to The Independent Group.
Under the new FM radio policy, the company had cornered licences in the second phase of bidding that concluded earlier this year.
Currently, the government has allowed 20 per cent FDI in FM radio companies and BBC has a stake in Mid-Day Multimedia's Radio Mid-Day, now called Radio One.
Other foreign media groups like Star and Germany's DW have also expressed interest in the FM radio segment and are scouting for partners.
Jagran, which currently has about 25 publishing centres in states like Uttar Pradesh, Uttaranchal, Delhi, Haryana, Himachal Pradesh, Madhya Pradesh, Punjab, Bihar and Rajasthan, said it was in the process of finalising a plan to launch a second brand and said a core management team was already in place for the purpose.
