Irish media magnate Sir Anthony O'Reilly is believed to be expanding his empire with the imminent closure of a deal to buy nearly 30% of Indian group Jagran.

The deal will cost O'Reilly's Independent News and Media around €50 million ($66m, £34m). Jagran is the family-owned publisher of The Dainik Jagran, a Hindi-language title.

IN&M owns 165 newspapers and magazines in the UK, Ireland, South Africa and Australasia. After deciding expansion into the US was too costly, O'Reilly set his sights on the sub-continent with its fast-growing newspaper market.

Although the company has so far refused to comment on negotiations, the ink is expected to be dry on contracts this week.

Data sourced from Financial Times online; additional content by WARC staff