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Penguin Books India has acquired 45% stake held by Kolkata-based Ananda Bazar Patrika (ABP) Group in Penguin Books India, a joint venture between Penguin UK and ABP Group for Rs. 55 crore ($8.7 million).
Obhan & Associates advised Penguin Books India with a team led by Partner Ashima Obhan.
Kolkata-based lawyer Avijit Deb advised the ABP Group.
Penguin Books India was formed in 1985, with UK-based publishing house, Penguin Publishing Company, holding a 40 per cent stake in Penguin Books India, which it later increased to 55 per cent, according to HinduBusinessline.
With this deal, ABP Group has exited from Penguin Books India.
This is the second major deal involving the ABP group in recent times. As per a recent ET newsreport, the ABP Group sold its business magazine ‘Businessworld’ to Anurag Batra, owner of Exchange4media; investment banker Vikram Jhunjhunwala and a clutch of other investors, for an undisclosed amount.