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Springer, India Today groups to buy stake in CarWale portal

Axel Springer, publisher of the world’s most read automotive magazine, Auto Bild, will acquire a majority stake in CarWale, a leading Indian automotive portal, through its joint venture with the India Today Group. The two companies will acquire 70.4 per cent stake in CarWale. They, however, declined to specify the investment being made. Marc Flamme, head of New Media International, part of the Springer group, said: “We wanted to invest in India, particularly in the automotive sector looking at the market figures. The automobile industry is growing at around 30 per cent. Besides, ...