The Hindu Business Line : TV18 to pick up 50% in JobStreet

Television Eighteen India Ltd (TV18) has announced that it plans to take a 50 per cent stake in JobStreet.com India Pvt Ltd, the Indian arm of JobStreet Corporation Berhad, an online recruitment company in Malaysia.

TV18 on Tuesday said it had signed an MoU with JobStreet Corporation Berhad.

The company said it would initially infuse $2 million in cash and provide `on-going media support' to the business. JobStreet is listed on the Mesdaq market of Bursa Malaysia.

Enters e-recruiting market

"With this investment into JobStreet.com India, TV18 enters the e-recruiting market, which is growing at a very fast pace in India.

"The move is in line with the Group's increasing focus on the growing Internet opportunity in India," TV18 said in a news release.

"We expect to strengthen our presence in the consumer Internet space with this acquisition — this is part of our strategy to expand our offering to Indian consumers by exploiting the growing power and reach of the Internet," the release said quoting Mr Haresh Chawla, TV18 Group CEO.

TV18 has been investing and building Internet franchisees in India. The Group owns online platforms — moneycontrol.com, commoditiescontrol.com, poweryourtrade.com and ibnlive.com.

The Group had recently announced the setting up of yatra.in, a travel services company, in partnership with Norwest Venture Partners and Reliance Capital.

"With JobStreet.com India, we will bring value to millions of job seekers in India.

"We are delighted to partner with JobStreet in this exciting venture,'' the release said.

Career advancement

"In India, the online recruitment space is growing rapidly. With this partnership, JobStreet.com India will be able to reach out to more jobseekers and provide them with increased opportunities for career advancement,'' Mr Mark Chang, CEO, JobStreet, was quoted as saying.

"We expect to leverage TV18's media network and business capabilities to strengthen our brand in India and build higher visibility to candidates,'' he added.

Shares of TV18 edged down by Rs 2.95 to Rs 642 in Tuesday's trade on the BSE.

More Stories on : Radio/TV | Mergers & Acquisitions | Internet

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