DealTracker - UTV Acquires 76% In ITNation For Rs 15 Crore
It’s finally out - United New Media Ventures Ltd (UNMVL), a subsidiary of UTV Software Communications Ltd, has acquired a 76 per cent in IMPL, the company that owns tech portal ITNation, for Rs 15 crore. This acquisition was done by a combination of issue of fresh equity shares of ITNation and also the stake from the existing promoters says VCCircle.
Apart from ITNation, IMPL owns websites like TechTree.com, CXOToday.com, Enterpriser.in, ChannelTimes.com and Magazine360.com, which are targeted at consumer and business technology professionals in the age group of 15-35.
Ronnie Screwvala, CEO, UTV Software Communications, told Hindustan Times that they are expecting Rs 50 crore revenues from this division (internet and digital) by 2008-09.
I had heard rumours about this around November last year, but there had not been any formal announcement about it for quite some time, nor a fix on the amount.
Filed under: Deal Tracker
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