Business Standard says: Tatas take a 76% stake in Landmark
In a disappointing news today, Landmark has sold out 76% stake to Tatas for Rs. 103.6 crores. Only a few months back there was a news item about Kotak iinvesting money in Landmark to help Landmark grow in other metros. However, that deal must have fallen through as there is no mention of that in the current news item.
Selling 76% stake at this stage and cashing out now indicates that the promoters (Hemu Ramiah and family) are not interested in independent control and aggressive expansion strategy.
In any case, Landmark has been moving away from a dedicated book store to selling just about everything - almost a supermarket. Very soon they may as well become just another Tata Super or Hyper market label.
India desperately needs sensible, country-wide dedicated bookshop chain, which has a presence in the top 100 cities and towns. I somehow doubt if Tatas would be interested in that.
We now have to look forward to Crosswords (majority owned by Shopper's Stop) and Corner (majority owned by DC Books) to provide this.