News Broadcasting
Network18 transfers Burrp in internal restructure
MUMBAI: In a communique to the National Stock Exchange of India and BSE on 3 July signed by Network 18 company secretary Ratnesh Rukhariyar, the company has disclosed information regarding restructuring of Burrp.
“This has reference to our letter dated 19 April 2017 regarding restructuring of Company’s business of food and restaurant search and recommendation engine operated under the name of Burrp,” the communique stated.
“The company, on 3 July, 2017, has entered into a Business Transfer Agreement with Foodfesta Wellcare Private Limited (FWPL) (a subsidiary of Big Tree Entertainment Private Limited (‘Big Tree’)) for transfer of Burrp undertaking as a going concern on slump sale basis. The transfer will be effective 1 July, 2017,” it added.
Big Tree is an associate and a related party of the Company. Big Tree is also an associate of Reliance Industries Limited, a promoter group company. Big Tree owns and operates the popular ticketing platform ‘Book My Show’ and Burrp will be a natural fit in its portfolio.
“Burrp’s revenue during FY 201.6-17 was Rs. 56.67 lakhs accounting for 0.69% of Company’s turnover. The net worth as on 31•’ March 2017 stood at a negative Rs. 2889.55 lakhs. Considering the insignificant contribution of Burrp to the revenue of the Company and the investments and the focus required to be made, the Company considered and decided to divest Burrp business,” it added.
The consideration for the slump sale is Rs. 6.70 lakhs and has been determined on the basis of valuation carried out by Ernst & Young LLP. The transaction is at arms’ length basis and being a slump sale does not have any impact on the shareholding pattern of the Company.
News Broadcasting
Parikshit Luthra exits CNBC-TV18 after 20-year run
Former bureau chief to take brief pause before next role
NEW DELHI: Senior journalist Parikshit Luthra has signed off from CNBC-TV18, marking 28 February 2026 as his final day and closing nearly two decades with Network18 Media & Investments Limited, including eight years at the business news channel.
During his tenure, Luthra interviewed prominent business leaders and Union ministers, reporting on economic policy, corporate strategy, the automobile sector and financial markets. His coverage spanned key inflection points in India’s economic narrative.
He also led new programming formats such as Newscentre, Global Eye and Global Lens, shows that examined politics and foreign policy through an economic prism, reflecting the channel’s push towards globally linked business reporting.
In a LinkedIn post, Luthra said his final weeks were spent covering the Union Budget, the India AI Summit, India’s trade agreements with the US and EU, and the group’s flagship Rising Bharat Summit 2026. He added that he continued anchoring until his last day and briefly met Prime Minister Narendra Modi during his closing assignments.
Luthra joined CNBC-TV18 in June 2018 as assistant editor, later rising to senior editor and chief of bureau, a position he held for over two years. Before that, he worked with Republic TV and CNN-News18.
He said he plans to take a short break before embarking on his next professional chapter.
