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Sale deal off for Prabhat Khabar

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OUR CORRESPONDENT Ranchi Published 14.02.07, 12:00 AM

Ranchi, Feb. 14: Putting all speculation to rest, the Usha Martin Group, owner of Jharkhand’s leading Hindi daily, Prabhat Khabar, has finally decided not to sell the paper.

The decision was taken on Tuesday after Rajeev Jhawar, the managing director, apprised the group chairman of “strong sentiments of the employees against acquisition of the paper by Dainik Jagran”.

Yesterday Jhawar had met key people from Prabhat Khabar.

“After meeting them and going by their sentiments, the family has decided not to sell the paper,” he told The Telegraph.

“Earlier we had decided to divest a portion of our stakes but now we have taken a final decision against selling and will continue to run the business,” he added.

K.K. Goenka, vice-president, Prabhat Khabar, expressing his happiness, said: “The management has taken a bold decision. They interacted with locals and realised that Prabhat Khabar is a strong brand,” he said.

Goenka said the employees are now rejuvenated and geared up to take all steps to help develop the paper.

“The paper has come a long way since its inception and has given tough competition to other players,” he said.

The stir started a few months ago when the Usha Martin Group decided to dilute a portion of its stake.

Following speculation of being bought by the Bhaskar group, Prabhat Khabar employees who feared losing their jobs protested saying there was a stark difference of work culture between the two companies.

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