Infrastructure major My Home Group headed by industrialist Jupally Rameshwar Rao is likely to opt out of Alanda Media Private Limited, which runs the popular television channel TV9, reliable sources in the industry said.
According to these sources, Rameshwar Rao has decided to keep away from the media industry, which is highly polarised politically in the present scenario.
“It is not possible to be politically neutral for any media house in the present circumstances and TV9 is no exception,” a source said.
Apparently, Rameshwar Rao has decided to focus on his infrastructure business, which is booming at present, without antagonising any political party or group.
“If he continues to be in the media business, he will be forced to take sides, wittingly or unwittingly, and that would affect his other business ventures,” sources said.
In 2018, My Home Group, in association with Megha Engineering and Infrastructure Limited (MEIL) owned by Krishna Reddy, had taken over TV9 channel by acquiring 90% of the share in its parent company Associated Broadcasting Company Pvt Ltd, founded by Srini Raju. The acquisition was done in the name of joint venture Alanda Media.
“At the time of takeover by Alanda Media, the TV9 channel was valued at Rs 456 crore. While My Home Group held 62% of the stakes, the remaining was held by MEIL. The channel grew by leaps and bounds since then and it is now valued at more than Rs 2,500 crore,” sources said.
Under these circumstances, Rameshwar Rao will be exiting the company with nearly six-fold profit, which he could invest in other ventures, sources added.
