IndiaWorld Sale: The Announcement

Here is an abstract from an Indian Express article of that date (November 29-30, 1999):

In one of the largest deals in the Indian corporate sector, internet firm Satyam Infoway Ltd said on Monday it has bought a 24.5 per cent stake in IndiaWorld Communications Pvt Ltd for $28 million (around Rs 121.50 crore).

In addition, Satyam has also acquired an option to purchase the remaining 75.5 per cent of the outstanding shares of IndiaWorld at any time prior to June 30, 2000 for an exercise price of $87 million (Rs 377.50 crore).

Once Satyam buys out the entire 100 per cent stake, the acquisition will cost around Rs 499 crore (around $ 115 million), making it the largest takeover in the booming Indian information technology sector.

IndiaWorld website registered an aggregate of 13 million page views in October 1999, most of them coming from outside India, the statement said.

IndiaWorld’s websites, very popular with overseas Indians (NRIs) worldwide, include http://www.samachar.com (covering India related news), http://www.khel.com (dedicated to covering cricket), http://www.khoj.Com (the premier Indian search engine), http://www.bawarchi.com (providing more than 3000 Indian recipes) and various other sites focussing on niche areas of interest to overseas Indians.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.