Nokia Growth Partners, the global investment arm of mobile handset-manufacturer Nokia, will invest $10 million (around Rs 47.8 crore) in Web18 Holdings--the internet arm of Television18. Other details of the deal were not available.
Web18 will be using the funds for the expansion and scaling up of its existing web portals like tech2.com, moneycontrol.com, commoditiescontrol.com, ibnlive.com, in.com, cricketnext.com, poweryourtrade.com, biztech2.com, and jobstreet.com among the others.
The company for the time-being has also put its listing plans on hold owning to the downturn in the US economy. "We had filed on the Securities and Exchange Commission for an IPO offering but that will have to wait for some time as the US markets are not conducive," said R D S Bawa, Chief Financial Officer of Network18.
Nokia Growth Partners has $350 million under management and invests in growth stage companies in the mobile industry.
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