The Hindu Business Line : TV18 group buys commodity info service co

THE Television Eighteen (TV18) group has forayed into the commodities information market by acquiring existing businesses of Agri Informatics India Private Ltd, a Mumbai-based company operating a commodity information service under the name and style of www.eagritrader.com.

In a statement, Mr Haresh Chawla, CEO, TV 18 India Ltd, said, "Our acquisition ties in with the increasing prominence of commodities business in India and the setting up of national level commodity exchanges. We are committed to growing this business and see synergistic benefits with our proposed Hindi language business channel and our Internet portal, moneycontrol.com."

While the commodities Web site at present provides news, information and prices of agricultural products on a worldwide basis, it is intended to be expanded to other non-agricultural commodities in the near future. Outlining the terms of the proposed acquisition, the company said that for an 80 per cent stake in the business, it would pay deferred cash consideration.

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