Ramoji Rao’s Ushodaya Gets $275 Million From Blackstone
By Sahad PV - Sun 28 Jan 2007 10:36 AM PST
Hyderabad-based print and broadcast media company Ushodaya Enterprises (parent of Eenadu newspaper ) has secured $275 million from private equity fund giant Blackstone. This could be the largest private equity deal in the Indian media sector. Ushodaya has also secured an additional $190 million in bank finance, taking the total funding to $465 million. Media reports suggest that Blackstone would have picked up 26 per cent for this amount valuing Ushodaya at a little over $1 billion.
UEL, owned by Ramoji Rao Group, owns the third largest newspaper (Eenadu), and a private television broadcasting network. Last week, Nimbus Communications had closed $125 million funding from 3i, Cisco and Oman International Fund, and that was the largest deal till now.
More in the PDF release here.
Posted in: Newspapers, Venture Capital
