UK’s Emap has acquired 40.1% of NextGen Publishing in India for £3.7m in cash. NextGen, dominated by former senior management of Infomedia, is primarily a consumer publisher producing Car India and Bike India. It also, however, has a business directories division and publishes Commercial Vehicle magazine in the B2B sector.
NextGen is currently jointly owned by Forbes Gokak Limited (68.29%), one of India’s oldest business groups (and unrelated to the American publisher of the same name), and HDFC Limited, a leading Indian bank (16.83%).
Commenting on the acquisition, Paul Keenan, Chief Executive of Emap Consumer Media, said: “As one of the fastest growing economies in the world experiencing a marked increase in wealth and consumerism, we see India as a prime market that will be highly receptive to our brands. Already an established publisher of English language consumer magazines and business services directories, NextGen’s presence in the market will provide us with a strong base from which to explore opportunities to develop both our consumer and B2B brands. Having worked with the management team since the company was first founded, we are confident in their ability to achieve our joint objectives”.
Source: EMAP and NextGen press releases – Business Strategies Group, Hong Kong www.bsgasia.com