Television broadcaster Seven Network Ltd has snapped up 20 million shares in engineering and development company, GRD Ltd.
The shares were sold by former GRD executive chairman Brettney Fogarty for an undisclosed sum.
"A spokesman for Seven has advised that while this is a relatively small investment for Seven, it sees GRD as a well-managed company with strong prospects and strong intellectual property in the key environmental sector both in Australia and export markets," GRD said.
Seven has said it may make investments in sectors other than the media industry, which add value and have good growth prospects.
The Kerry Stokes-controlled media giant sold half its media business to US-based private equity firm Kohlberg Kravis Roberts & Co (KKR) in November, in a $4 billion joint venture deal from which it gained cash for acquisitions.
As of February, Seven had a $2.5 billion war chest as a result of the restructure, following the payment of some debt.
GRD chief executive Cliff Lawrenson said Seven's investment represented a clear vote of confidence in the future of the company.
"We are well positioned with the internationally respected engineering expertise of GRD Minproc and the sustainable waste management solutions offered by our waste-to-resources business, Global Renewables and its UR-3R Process," Mr Lawrenson said.
