India Kotak Mahindra Grp buys 28pct in business paper

MUMBAI, July 14 (Reuters) - An associate of India's Kotak Mahindra Group has bought 27.76 percent stake in publisher Business Standard Ltd that was held by Great Eastern Shipping Co Ltd (GESC.BO), the publisher said at the weekend.

Infina Finance Pvt Ltd, an associate of Kotak Mahindra Group, which controls Kotak Mahindra Bank (KTKM.BO), which bought the holding did not disclose financial details.

The Mint newspaper on Monday said GE Shipping had bought 33 percent in Business Standard in 1998 for 250 million rupees ($5.8 million), a stake that was later diluted to 28 percent.

In April, Infina had bought 13.85 percent of Business Standard that was held by Financial Times publisher Pearson (PSON.L).

Revenue for newspapers in India grew 17 percent in 2007, according to estimates by PricewaterHouseCoopers. (Reporting by Rina Chandran; Editing by Ranjit Gangadharan)