After exiting from Idea Cellular last month, the Tata group is now pulling out of Tata McGraw-Hill Publishing Company, its joint venture with McGraw-Hill.
McGraw-Hill owns a majority stake in Tata McGraw-Hill Publishing Company and, according to sources close to the development, is likely to buy out the Tata group in the company. However, the reason for the split is not known. The Tata group declined to comment on the proposed sale.
Once the sale goes through, this will be the Tata group's second exit from a publishing venture.
The group had sold its controlling 49.99 per cent stake in Tata Infomedia, a publisher of business directories and magazines, to ICICI ePayments three years ago.
Tata McGraw-Hill has been publishing, reprinting and marketing McGraw-Hill books for more than three decades in India.McGraw-Hill controls leading education and business information brands like Standard & Poor's, McGraw-Hill Education, BusinessWeek and JD Power and Associates.
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