ABP Group has sold its business magazine Businessworld to Anurag Batra, owner of media group exchange4media, and Vikram Jhunjhunwala, who runs investment banking and asset management firm Shrine Capital. Both have invested in their personal capacity. The deal is expected to be completed within a month
Dipankar Das Purkayastha, the Managing Director and Chief Executive Officer of ABP Group, confirmed the development but refused to comment on the financials. “The magazine will continue to operate under brand Businessworld ,” he added. He said Prosenjit Datta will continue to head the magazine as the editor.
The ABP Group had been looking for a buyer for the magazine for some time. Batra’s exchange4media group has interests in online news and speciality magazine space, which includes magazines such as PITCH , IMPACT , Reality Plus and Franchise Plus . Meanwhile, Jhunjhunwala’s Shrine is a cross-border mid-market-focused boutique investment banking and asset management firm engaged in mergers and acquisitions, private equity and debt syndication advisory and raising its own private equity fund, as per its Web site.