The newspaper group is looking at a number of options across the business as it looks to alleviate its debt burden, reportedly including a disposal of its investment in the Hindi-language Indian newspaper, Danik Jagran.
However, the editor of the newspaper, Sanjay Gupta, has denied this is the case.
IN&M acquired a 26% stake in the Indian paper's parent company, Jagran Prakashan, for €25.5m (£22.5m) in 2004.
Separately, Lazard has been working with IN&M since the group was approached last year by the new owner of the Evening Standard, Alexander Lebedev, over the possible sale of The Independent and The Independent on Sunday.
The group's second largest shareholder, Denis O'Brien, has long been calling for the sale of the two titles, which are believed to be losing about £10m a year.
However, these calls have previously been rejected by Sir Anthony O'Reilly, the outgoing chief executive of the group, who has been replaced by his son Gavin.
But Gavin O'Reilly has said the group and O'Brien are now aligned in their strategic thinking in regard to the future direction of the group.
IN&M declined to comment.
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