MAM
Times of India Group to invest Rs 211 million in Mid-Day
MUMBAI: The print industry is seeing strange marriages. If traditional rivals The Times of India and Hindustan Times formed a joint venture to publish a newspaper in Delhi, Mid-Day Multimedia Ltd, publishers of a popular tabloid in Mumbai and Bangalore, today announced its new strategic alliance.
Bennett Coleman Co. Ltd (BCCL which owns the Times Group) will own 6.65 per cent in Mid-Day Multimedia for Rs 211.1 million. The holding will be routed through a preferential allotment of Mid-Day shares at Rs 60 per share.
Mid-Day said today it would issue and allot on a preferential basis 26,85,000 equity shares at a price of Rs 60 per share to Banhem Financial & Investment Consultants Ltd, an affiliate of BCCL. It would further issue 8,33,333 convertible preference shares to Banhem Financial & Investment Consultants at Rs 60 per share.
“We have signed a business cooperation agreement. This alliance will benefit both organisations through cooperation in printing, circulation and advertising sales,” Mid-Day said in a statement.
The promoters of Mid-Day are enhancing their investments in the company to support the company’s growth in print anf FM radio in metro markets across the country. Mid-Day will issue and allot on a preferential basis 29,27,333 equity shares at a price of Rs 60 per share to Ferari Investments and Trading Co Pvt Ltd, a promoter Group company. It will also issue 8,33,333 share warrants at a subscription price of Rs 6 per warrant (10 per cent of an exercise price of Rs 60 per warrant) to Ferari Investments and Trading.
Mid-Day promoters will, thus, put in an incremental investment of Rs 225.6 million. The promoters will own 51 per cent while BCCL will have 6.65 per cent after both rounds of investment, the release said.
It may be recalled that the Indian Express had bought a 10 per cent stake in Mid-Day for a little over Rs 250 million while BCCL held about 8 per cent. Subsequently, both had sold their stakes in the open market.
In a joint statement, BCCL executive director Ravi Dhariwal and Mid-Day Multimedia managing director said: “The Times of India with its leadership position in the morning broadsheet market and Mid-Day with a successful formula for the middle-of-the day, are in fact complementary plays. With this alliance, we will endeavour to garner a larger market share of both readers and advertising in major metros of the country.”
Brands
KPMG names Gary Wingrove as global chairman and CEO from October
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MUMBAI: KPMG has chosen continuity with a forward tilt. The firm has announced that Gary Wingrove will take over as global chairman and CEO of KPMG International, beginning a four year term from 1 October 2026. Currently serving as global chief operating officer, Wingrove steps into the top role after being nominated by the global board and elected by the global council.
A KPMG veteran with over 25 years at the firm, Wingrove has been closely involved in shaping its recent trajectory. As global COO, he has helped drive the firm’s Collective Strategy, focusing on operational integration, global investments and the steady expansion of the KPMG Delivery Network. He has also been at the forefront of KPMG’s digital push, including the rollout of AI enabled solutions across its global operations.
Before his global role, Wingrove served as CEO of KPMG Australia for nearly a decade, where he led a period of strong growth, almost doubling revenue, profitability and headcount while steering a cultural reset.
He succeeds Bill Thomas, who has led KPMG since 2017 and will work alongside Wingrove over the next six months to ensure a smooth transition.
Thomas leaves behind a firm that looks markedly different from when he took charge. Under his leadership, KPMG’s global revenues have risen by 55 per cent, and its workforce has expanded to more than 276,000 people. He also unified the network of member firms under the Collective Strategy, aligning priorities and strengthening governance.
His tenure saw heavy investment in technology and partnerships, with alliances spanning Microsoft, Google Cloud, SAP, Oracle and ServiceNow. These collaborations, along with platforms like KPMG Clara, have helped the firm scale its AI-led offerings and sharpen its competitive edge.
Beyond growth, Thomas also pushed improvements in audit quality and sustainability. Initiatives such as a multiyear global sustainability strategy and the Our Impact Plan have aimed to embed long term thinking into the firm’s operations and client services.
For Wingrove, the brief is clear but evolving. He has signalled a focus on agility, deep expertise and technology driven solutions as clients navigate an increasingly complex business landscape. He also emphasised KPMG’s identity as a people first organisation, supported by technology and unified through its global network.
The timing of the leadership change comes as KPMG continues to grow, reporting a 5.1 per cent rise in global revenue in FY25, with gains across tax and legal, audit and advisory services. Growth was recorded across all regions, despite a challenging macro environment.
As Wingrove prepares to take charge, the firm appears set on a familiar path with a sharper digital edge. Same playbook, perhaps, but with a renewed focus on speed, scale and smarter solutions.
