Businessworld sold to a group of investors

ABP's fortnightly business magazine has been taken over by a group of investors represented by Vikram Jhunjhunwala, an investment banker and Anurag Batra, managing director and editor-in-chief of exchange4media group.

ABP's business magazine, Businessworld has been finally purchased by a group of investors represented by Vikram Jhunjhunwala, an investment banker and Anurag Batra, managing director and editor-in-chief of exchange4media group. The magazine had been up on anvil for sale for a long time

The magazine has been taken over for an undisclosed amount and will be led by Prosenjit Datta as the editor.

In an official communiqu, D D Purkayastha, MD and CEO, ABP, says, " We have divested Businessworld business. The brand and the publication will continue under the new owners with Prosenjit Datta as the Editor."

Prosenjit Datta, editor Businessworld says, "I expect the magazine and the brand to scale newer heights."

The magazine market in India is of about Rs 1,650 crore of which a Rs 400 crore pie is of business magazines.

Businessworld began publication in 1981 and is the second oldest business magazine in the country. It has won many reporting awards in the past year and went fortnightly in February this year after nearly a decade as a weekly magazine. It competes with Business Today, Outlook Business and Business India.