Vineet Jain

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Vineet Jain
Born1967/1968 (age 50–51)[1]
New Delhi, India
NationalityIndian
CitizenshipIndian
OccupationMD of
The Times Group
Parent(s)Indu Jain
Ashok Kumar Jain
RelativesSamir Jain
Sahu Ramesh Chandra Jain
Sahu Shanti Prasad Jain
Ramkrishna Dalmia

Vineet Kumar Jain is the Managing director and Director of Bennett, Coleman & Co. Ltd. (B.C.C.L.),[2] commonly known as The Times Group, India's largest media group.[1] He runs B.C.C.L along with his brother Samir Jain who is vice-chairman.

India Today magazine ranked Vineet Jain #23rd in India's 50 Most powerful people of 2017 list.[1]

Career[edit]

Vineet Jain graduated from the American College of Switzerland and joined B.C.C.L. as the deputy managing director in 1993. Although the brothers confer on all points of the business, Samir concentrates on newspapers and broad strategy, while Vineet focusses on television, radio, and the Internet.[3] Vineet has focussed on transforming B.C.C.L. into a multimedia company, making investments in radio with Radio Mirchi; television with Zoom and Times Now; the Internet with Indiatimes, BombayTimes and DelhiTimes; movie production and out-of-home advertising.[4]

In 2003, he helped launch Medianet, B.C.C.L.'s venture to induce celebrities and brands to pay to have news written about them. In 2005, he helped implement “private treaties” or “brand capital”, originally conceived by his brother. Under this program, B.C.C.L. accepts ads in exchange for real-estate ownership or equity in a company.[3] B.C.C.L. has become one of the largest private equity investors in India with stakes ranging from 1 per cent to 15 per cent across 140 companies giving them a stranglehold over advertisers. This ads-for-equities model accounts for up to fifteen per cent of its ad revenues and is being followed by other media houses.[5]

Vineet considers himself as "the content architect.” He takes credit for the idea of running small, boxed editorials alongside some front-page stories despite concerns that this might lead readers to think the news has been slanted to conform to either a commercial or a political interest.[3]

Family and Personal Life[edit]

Vineet Jain is the great grandson on Ramkrishna Dalmia, the first Indian owner of B.C.C.L. His grandfather, Shanti Prasad Jain, took over the company from Ramkrishna Dalmia. Shanti Prasad’s son, Ashok Jain, took control of the company in the nineteen-sixties and was chairman of B.C.C.L. until his death in 1998 from heart failure.[3]

Vineet Jain's mother, Indu Jain, holds the title of chairman of B.C.C.L.[3] His sister Nandita Judge, who also worked at the company, died in a helicopter crash in 2001.[6]

Vineet is divorced and is often seen in the company of beautiful women.[3] His annual Holi parties at his Delhi residence and, under his aegis, the Bombay Times party in Mumbai are considered important events for celebrities.[4]

He likes movies and often shares movie reviews, playlists and articles of interest through his account at MyTimes, a social networking feature on the Indiatimes website.[7]

He splits his time between homes he shares with his brother in New Delhi and Mumbai.[3]

Controversies[edit]

In 2018, Vineet Jain and Sanjeev Shah, executive president of B.C.C.L., were caught on camera as part of an undercover sting operation by Cobrapost agreeing to promote Hindutva content through the group’s many media properties for a proposed spend of Rs 500 crore, some of which the client said could only be paid with black money. The secretly recorded conversations raise disturbing questions about the extent to which the company is willing to muddy the line between editorial and advertising.[8]

When critics have claimed that the company’s paid news and private treaties skew its coverage and shield its newspaper advertisers from scrutiny, Vineet Jain has insisted that a wall does exist between sales and the newsroom, and that the paper does not give favorable coverage to the company’s business partners. “Our editors don’t know who we have,” Jain said, although he later acknowledged that all private-treaty clients are listed on the company’s Web site.[3]

Awards[edit]

In 2013, Vineet received the Entrepreneur of the Year Award from The Bombay Management Association for his role in B.C.C.L.'s growth[9]

References[edit]

  1. ^ a b c "India's 50 powerful people". India Today. April 14, 2017.
  2. ^ "Company Overview of Bennett Coleman & Co. Ltd".
  3. ^ a b c d e f g h "Citizens Jain". New Yorker.
  4. ^ a b "Master of the fifth estate - Vineet Jain". Business Today.
  5. ^ "50 Powerful People". IndiaToday.
  6. ^ "Probe ordered into copter crash". The Hindu.
  7. ^ "Meet Vineet Jain, Times Group co-owner and enthusiastic movie critic".
  8. ^ "At the Times Group, Cobrapost Sting Shows How Cash is King". The Wire.
  9. ^ "Times Group MD Vineet Jain is Entrepreneur of the Year – The Times of India". The Times of India.