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Newspaper publisher HT Media Ltd is looking at acquisition opportunities for its print, online and radio businesses to expand its reach in India but has ruled out an overseas foray, a senior official told Reuters."We are always open for good quality M&A activity because our balance sheet is very strong. We'd be looking at print as well as radio and online but we'll stay closer to our core." chief executive Rajiv Verma said over the telephone on Monday."I see opportunities in India. I'd like to stay focussed in India. Overseas foray for the company will have to wait for a while," he added.Recently HT struck a joint venture with German media group Burda Druck, which publishes Elle and Playboy magazines, and expects to earn 0.8 billion to 1 billion rupees in revenue from this business in FY11, its first year of operation, Verma said."This is the business I feel most happy about. It will be contributing positive economic value in the first year itself."The firm posted a 6 percent rise in revenues in FY10 to 14.4 billion rupees but expects growth in FY11 to be in "double digits" with its new business - Burda JV, internet and radio - seen growing at 35-40 percent."We are looking at a growth which should be ahead of our peers, which should be double digit growth," Verma said."I expect all our businesses to grow handsomely. Specially our core because of two reasons - a) our base effect and b) because of bouyancy in the economy," he added.According to the Indian Readership Survey, HT's English daily has shown strong gains in Delhi and Mumbai market while its Hindi daily has grown robustly in the north Indian regions.Out of the 12 analysts that have coverage on the company, 6 have a 'buy' rating on it while 3 have rated it as 'sell', according to ThomsonReuters I/B/E/SEXPANSION PLANSThe firm has earmarked 600-700 million rupees as capital expenditure for FY11 and will primarily deploy the funds into the north Indian market and to expand its franchise, he added.The firm is looking to expand franchise of Mint newspaper in the Gujarat market as well as in some south Indian markets where it is not currently present, Verma said.It also plans to raise up to 3 billion rupees from an initial public offering of shares of its vernacular business unit Hindustan Media Ventures.Shares in the firm ended up 4.1 percent at 146.50 rupees in a strong Mumbai market. (Editing by Ramya Venugopal)
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