Independent News & Media, owners of the broadsheet paper The Independent, today announced that it was reducing its media investments in India.

The company was one of the first major media groups in the UK to consider investing in Indian newspapers a few years ago. It was quickly followed by Associated Newspapers and Reuters.

However, financial difficulty has now forced IN&M to decrease its stake in the owner of the successful Hindi language paper Dainik Jagran. The Media Guardian reports that the company reduced its stake in Jagran Prakashan from 20.8% to 13.5%.

The money raised from the sale, around £19 million, will be used to pay off IN&M’s own debts.

The Dainik Jagran is India’s largest Hindi language newspaper. Media Guardian adds:

JPL’s flagship title, Dainik Jagran, is published in 37 editions across 11 states in India. The company also owns I-next, a bilingual newspaper, published in nine editions, and has an English “infotainment” paper called City Plus which is published in 13 editions.

The company also publishes Sakhi, a monthly magazine targeted at women, and Jagran Varshiki, an annual general knowledge digest.