ZEEL buys balance 49% in India Webportal for Rs 197 crore

NEW DELHI: Zee Entertainment Enterprises Ltd (ZEEL) today said it is acquiring the balance 49 per cent equity stake in its subsidiary India Webportal Pvt Ltd for $30.7 million (Rs 197.47 crore) to consolidate the digital business.

The company will also acquire 12.5 per cent stake in Tagos Design Innovations for $2.5 million (Rs 16.08 crore).

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

The company's Board also approved acquisition of 12.5 per cent equity stake in Tagos Design Innovations for $2.5 million.

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 per cent stake) and Ashok Kurien (4 per cent stake).

Tagos Design Innovations is a technology start-up which has developed an in-video discovery platform.