ICICI buys 25 per cent in lexsite.com
Feb.08, 2000
Our Corporate Bureau in Mumbai
Financial Institution ICICI has picked up 25 per cent in lexsite.com , a legal portal.
The site-in which venture capital fund Draper International also holds 51 per cent-is aimed at legal professionals chartered accountants, law students, legal/financial firms and the Indian corporate sector at large.
It is an online service on Indian law and corporate matters. It focusses on the creation of content, community and services on the web for legal and accounting professionals and corporate users. The areas covered include direct taxes and foreign exchange laws.
The Small Industrial Development Bank of India (SIDBI) also has a one per cent stake in the portal. Lexsite currently hosts 312,000 pages, 39,000 cases, 842 circulars, 235 forms and 67 tax treaties. It offers the Mumbai High Court cause lists, the Customs, Excise, Gold Appellate Tribunal (Cegat) list and the IT cause lists on a daily basis and also Asia's leading legal magazine -The Asian Legal Briefing, a Lexsite press release said.
According to Ananth Nayak, chief executive officer, Lexsite.com has the first mover advantage in India and expects to have a significant share of about 20 per cent by March 2001.
By March 2002, Lexsite.com expects to be a dominant player with over 40 per cent share in the targeted segment of half a million lawyers and chartered accountants.
Lexsite is also handling the recruitment and placement online for the students of the National Law School of India (NLSI), Bangalore. The content is being coordinated jointly with the NLSI students who are assisting in research activities of Lexsite.com.
Discussion forums have been launched to enable chartered accountants, company secretaries, advocates, practicing professionals and students to meet on the web and exchange views and information with consultants and experts.
ICICI's investment is part of a larger strategy to invest in dotcoms and be part of the new economy. The financial institution, for its part has launched a portal for web trading called icicidirect.com.
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