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Pioneer promoters looking to sell up to 49 percent stake
By siliconindia
New Delhi: CMYK Printech, publisher of English daily The Pioneer is in search of strategic investors willing to buy 49 percent stake in the company. The firm has engaged consulting firm Deloitte and Touche Consulting India to help them find an investor.
The firm's talk with Dainik Jagran in August 2006 had failed because Jagran Prakashan wanted a majority stake and the Pioneer management was unwilling, the source said, requesting anonymity.
Majority of stakes in CMYK Printech, which has interests in print, Web and media education business, is currently owned by the promoter group, which holds 74 percent stake in the firm. The promoter group comprises Chandan Mitra, who is also editor of the newspaper and a member of Rajya Sabha; Durbar Ganguly, who looks after marketing and administration, and Amit Goel, who handles the media education business.
In addition to the present eight editions, (Delhi, Lucknow, Chandigarh and Dehradun ? Under direct management -; Ranchi, Kochi, Bhopal and Bhubaneswar - franchisee editions), Pioneer plans to have at least 12 more editions.
The firm recently won the contract to publish Namaskar, the in-flight magazine of Air-India, and publish Exotica, a magazine distributed exclusively through hotel chains. The company has plans to expand its portal management and software development business too.