(Repeating DI 42, adding matter)

New Delhi, Sep 21 (UNI) Essel Group Chairman Subhash Chandra has said he was joining the existing shareholders of UNI in order to not only bail out the organisation from the current financial crisis but also to re-energise and strengthen it into a premier news agency.

In a letter to CPI General Secretary A B Bardhan, he said he was doing so purely ''out of my passion as an Indian, keeping aside the hat of a businessman looking for consolidation and financial growth.'' Mr Chandra said, ''We Wish to confirm that there is no question of a takeover of UNI as perhaps is being spread to mislead the people who matter in this country.'' He said his endeavour would be to make UNI a competent news agency not only for the Indian disapora but also for the international arena. ''We wish to find an answer to the perennial question plaguing the minds of all informed Indians--why isn't there a news agency from this part of the world which is competitive and universally accepted all over the globe, like Reuters/AP/Bloomberg etc?'' he said.

Mr Chandra said the existing shareholders shall all remain in UNI as they were and shall also be an integral part of the team, which would re-engineer the organisation into a global force, keeping the existing section 25 character intact.

UNI TEAM/AT KN1800