Kolkata-based entrepreneur Kaustuv Ray is likely to take control of seven television television channels run by the cash-strapped Sahara Group.
According to media reports, the deal is coined as Project Storm. Ray operates Bengali news channel Kolkata TV, which he acquired in 2009.
As per the reports, a investor based in the UK is likely to back the deal apart from two major groups named as Delamore and Owl.
The deal may not be a smooth one for Kaustuv Ray because of the restrictions imposed on Sahara by the Supreme Court, which is hearing a case related to Sahara chief Subrata Roy and their assets.
Sahara owns national Hindi news channel Samay and 36 city-specific regional news channels. It also owns Sahara One, a general entertainment channel, and Filmy, a Hindi movie channel.
The group publishes one magazine in English, 7 editions of Hindi daily Rashtriya Sahara, nine editions of Urdu daily Roznama Rashtriya Sahara and one international Urdu weekly Aalami Sahara.
BW Reporters
The author is a journalist with BW Businessworld. He primarily covers Retail, Media & Entertainment and Travel & Tourism sectors
