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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: Frederick Langford who wrote (34876)	11/30/1999 1:48:00 AM
From: 2MAR$	Respond to of 108040

LEADING INDIAN ISP SATYAM ACQUIRES INDIAWORLD PORTAL MUMBAI, Nov 30, 1999 (Asia Pulse via COMTEX) -- India's leading internet service provider Satyam Infoway Ltd has announced that it will acquire leading internet portal company IndiaWorld Communication for Rs 4.99 billion (US$115.24 million), in the first major internet business takeover in the country. Satyam acquired a 24.5 percent stake in the portal company IndiaWorld Comunications Pvt Ltd for Rs 122.2 crore (US$28 million) on Monday. SIL has agreed to acquire the rest of the company for Rs 3.76 billion in before September 2000, making the total deal worth Rs 4.99 billion, according to an agreement signed by the two companies on Monday. Announcing the acquisition, Satyam Infoway CEO R Ramaraj said, "The two step cash transaction will result in the integration of the companies into the largest Indian portal within and outside the country." IndiaWorld's portal, which was launched four years ago and has several websites catering to overseas Indians, provides a perfect complement to SIL, which has a portal - satyamonline.com - providing content and e-commerce facilities primarily to Indian residents, he said. SIL, which has more than 100,000 international subscribers, is adding from 12,000 to 15,000 new subscribers every month, he added. "With over 13 million pageviews of each of these portals, this initiative would make it the mega portal of India with over 50 per cent lead over the nearest rival," IndiaWorld managing Director Rajesh Jain said. (PTI) -0- (C) 1999 Asia Pulse Pte Ltd * end of story *