US private equity giant Blackstone Group, today announced the acquisition of a $50 million stake in Indian media group Jagran Media. It also plans to invest up to $3 billion in India over the next five years, according to the company's India head.

Quoting Akhil Gupta, chairman and managing director of Blackstone India, Reuters said the company was bullish on India and plans to triple its near-$1 billion investment in the country over the next five years.

Blackstone, he said, would focus on investing growth-stage capital rather than buyouts.

Gupta said print media in Indian languages was poised for significant growth over the coming years on increasing tier II/III cities as also rural India.

Jagran Media Network Pvt Ltd holds a majority stake in Indian newspaper publisher Jagran Prakashan Ltd.

Dainik Jagran has a reader base of 54.6 million and prints 37 editions with more than 200 sub-editions in 11 states, Blackstone and Jagran Media said in a joint statement today.

India, the fastest-growing major economy after China, is expected to grow 8.2 per cent in the 12 months from 1 April, up from an estimated 7.2 per cent this year, according to India's finance ministry forecast in February.