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Times group buys Vijaya Times, two Kannada dailies

Press Trust Of India  |  New Delhi 

The Times of India group has acquired the Bangalore-based Vijayanand Printers (VPL), publishers of two Kannada newspapers and the English daily, Vijaya Times, for an undisclosed amount.
"The Times of India group and the promoters of the Bangalore-based VPL have signed an agreement for the 100 per cent acquisition of VPL," Times of India group said in a statement.
VPL publishes two Kannada newspapers "" Vijay Karnataka and Usha Kiran, and the English daily, Vijaya Times, all of which have 10 editions.
Commenting on the deal, Vineet Jain, managing director, Bennett, Coleman & Co, said: "This agreement highlights our strong emphasis on the fast growing regional media markets in India, where readers have new aspirations and mindsets. We are thus committed to going local and further developing strong regional identities so as to provide the best possible value to our new readership and advertise base."
About the financial details of the deal, Sidhant Khosla, director, corporate group, BCCL, said: "All financial details, including amount of the acquisition, are confidential and cannot be disclosed now."
He, however, said the deal was likely to be completed soon.
Vijay Sankeshwar, chairman, VPL, said: "This sale will allow Vijayanand Roadlines, the promoters of VPL, to focus on the major expansion and diversification plans for its logistics business as well as develop other new businesses."

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First Published: Fri, June 16 2006. 00:00 IST