ZEEL consolidates digital biz, buys remainder in India Webportal for Rs 1.97 bn

MUMBAI: Zee Entertainment Enterprises Limited (ZEEL) will be acquiring the remainder 49 per cent equity stake in India Webportal Pvt Ltd Rs 1.97 billion to consolidate the digital business. India Webportal distributes media content on digital platforms through websites such as Bollywoodlife.com, India.com, and Cricketcountry.com.

The company will also be acquiring 12.5 per cent stake in Tagos Design Innovations for Rs 160 million, PTI reported.

ZEEL said in a BSE filing: “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, a 51 per cent subsidiary of the company.”

Zee agreed to buy the 49% holding from existing investors Ashok Kurien (5%) and MMC Investments (44%).