Dow Jones & Co is launching a version in India of its flagship publication, The Wall Street Journal, as a minority stakeholder in a joint venture with the publisher of The Times of India, the companies announced.
If the government approves the agreement, Dow Jones will own a 26 percent stake in the new venture, the maximum foreign ownership permitted, while Bennett Coleman & Co Ltd, publisher of the Times of India and The Economic Times, will own 74 percent, Dow Jones announced in New York on Thursday.
Dow Jones is the latest company seeking to benefit from India's recently relaxed laws on media ownership. No foreign news organization could publish or own a news publication in India.
In 2002, the government began allowing a maximum 26 percent foreign stake in Indian publications.
Financial terms for The Wall Street Journal venture were not disclosed, but the aim is for it to be launched this year.
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