MUMBAI (Reuters) - Future Ventures (NSI:FUTUREVENT) is in talks to sell its 65 percent stake in entertainment and education company ACK Media for about $25-$29 million, two sources with direct knowledge of the matter told Reuters.
ACK Media owns the country's leading children magazine brands Amar Chitra Katha, Tinkle and Karadi Tales.
"This is on the cards and talks are on but it will take some time," said C.P.Toshniwal, chief financial officer of Future Group. Future Ventures is the alternate investment arm of Future Group, India's largest retailer.
Toshniwal had earlier told Reuters the company was trying to raise 6-8 billion rupees by offloading stakes in fashion brands to strategic and private equity players. But the plans have been hit as the rupee volatility and weak capital market conditions have spooked investors.
ACK Media Chief Executive Vijay Sampath declined comment.
Amar Chitra Katha, ACK Media's flagship brand, was founded in 1967 and sells over 1.5 million copies every year with more than 400 comics in 20 languages, according to its website.
(Reporting by Indulal PM and Nandita Bose; Editing by Prateek Chatterjee)