Future Group in talks to sell its stake in comic book co(ACK Media)

Future Ventures  is in talks to sell its 65% stake in entertainment and education company ACK Media for about USD 25-USD 29 million, two sources with direct knowledge of the matter told Reuters.

ACK Media owns the country's leading children magazine brands Amar Chitra Katha, Tinkle and Karadi Tales.

Future Ventures is the alternate investment arm of Future Group, India's largest retailer. Toshniwal had earlier told Reuters the company was trying to raise 6-8 billion rupees by offloading stakes in fashion brands to strategic and private equity players.

 But the plans have been hit as the rupee volatility and weak capital market conditions have spooked investors.

Amar Chitra Katha, ACK Media's flagship brand, was founded in 1967 and sells over 1.5 million copies every year with more than 400 comics in 20 languages, according to its website. Elephant Capital, owned by promoters of healthcare products firm Dabur India , is the other investor in the company.