Javascript on your browser is not enabled.

Advertisement

ZEEL buys balance 49% in India Webportal for $30M

ZEEL now owns 100% of India Webportal; acquisition of balance 49 percent equity stake in India Webportal Pvt Ltd, a 51 percent subsidiary of the company, for 30.7 million dollars has been approved by the Board of Directors

?

Photo Credit : livemint.com,

Punit Goenka, CEO of ZEE, is going all in on digital

PTI reports that Zee Entertainment Enterprises Ltd (ZEEL) will be acquiring the balance 49 percent equity stake in its subsidiary India Webportal Pvt Ltd for 30.7 million dollars (rupees 197.47 crore) to consolidate the digital business.

The company will also acquire a 12.5 percent stake in Tagos Design Innovations for 2.5 million dollars (rupees 16.08 crore).

"In line with the strategy to consolidate digital businesses, the Board of Directors of the company...approved acquisition of balance 49 percent equity stake in India Webportal Pvt Ltd, a 51 percent subsidiary of the company, for 30.7 million dollars (rupees 197.47 crore)," ZEEL said in a BSE filing.

The company’s Board also approved acquisition of 12.5 percent equity stake in Tagos Design Innovations for 2.5 million dollars.

India Webportal distributes media content on digital platforms through various websites including India.com, Bollywoodlife.com and Cricketcountry.com.

Its existing shareholders are MMC Investments Holding Company (44 percent stake) and Ashok Kurien (a 4 percent stake).

Tagos Design Innovations is a technology startup which has developed an in-video discovery platform. (PTI)


Tags assigned to this article:
zeel India Webportal Acquisition media punit goenka Tagos

Around The World

Advertisement