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Construction : Deals | August 2012 | Source : Construction Update

India Cements may sell stake in Jagan's media firm

India Cements is likely to sell its stake in YS Jagan Mohan Reddy owned Jagati Publications. India Cements had already sold its nine per cent stake in Bharati Cements in 2010 itself. Bharati Cements also owned by the Jagan Mohan-promoted company.

While addressing shareholders in Chennai on August 13, N Srinivasan, vice-chairman of India Cements said that the company made a profit by selling its stake in Bharati Cements.

He announced that they will also sell stake in Jagati Publications, also owned by Jaganmohan Reddy. Overall, India Cements had invested about Rs 130-135 crore in the Jagan owned firms. Jagan is facing CBI probe against disproportionate assets case.

India Cements had invested about Rs 40 crore in the publication company. The company has a minor stake in the publication house, which owns Sakshi TV and Sakshi newspaper both in Telugu.
 
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