Business Standard is one of the largest Indian English-language daily edition newspapers published by Business Standard Ltd in two languages including Hindi. Founded in 1975, the newspaper does extensive coverage on the Indian economy, infrastructure, international business and trade, stock and currency markets, corporate governance, apart from a range of other financial news, opinions and insights.
The main English-language edition comes from 12 regional centers, Mumbai, New Delhi, Kolkata, Bengaluru, Coimbatore, Chennai, Ahmedabad, Hyderabad, Chandigarh, Pune, Lucknow, Bhubaneswar, and Kochi—and reaches readers in over 1,000 towns and cities across India
The newspaper’s initial owner had been the Kolkata-based ABP Group. Though unquestionably a huge editorial success, BS failed to click in the market. Though circulation rose, losses mounted, possibly to above Rs 50 crore, when ABP could not support it any more. ABP had lived in the hope that the Government would allow the London-based Financial Times to take an equity stake in Business Standard Limited and bring in the much-needed funds.
A brief history on Business Standard:
In 1997, it was purchased by Kotak Mahindra Finance, in a deal led by now Kotak Mahindra Bank Managing Director and CEO Uday Kotak. Kotak said in an interview in 2005 that BS was losing Rs 1.5 crore a month and ABP feared being bankrupted by the losses. The scions of the ABP group – Aveek and Arup Sarkar had spun BS off into a separate company and approached Kotak as a potential buyer, fearing they may need to close down the paper. “I did a quick calculation. I believed that if I put Rs 20 crore into the paper, we could turn it around. The cost of acquisition was virtually zero. The Sarkars were so desperate that they were ready to give the paper up for nothing. I can’t remember how much we paid but it was only a crore or so. Kotak Mahindra was flush with funds – some from the Goldman Sachs JV – so it seemed like a risk worth taking,” he said.
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