Here are some quotes from the press release that was issued on November 29, 1999:
Ramaraj (Managing Director, Satyam Infoway) said that “IndiaWorld is a perfect fit for Satyam Infoway. Satyam Online is already a very popular portal in India with focus on purposeful browsing. In e-commerce the new joint venture with Bank of Madura is focussed on providing financial services and e-commerce to Indian interest audience overseas.” “IndiaWorld with its dominant audience overseas would provide that perfect first to make Satyam the portal of choice for India,” he said.
Rajesh Jain, managing director, India World, said: “India World, a pioneer with over four years of history, has secured a unique position with overseas Indians. Satyam Infoway has created a portal business with a strong focus on audience within India. The combined portal would be an undisputed leader in providing content and services over the Internet to India interest audiences globally.”
Hemendra Kothari, chairman of DSP Merrill Lynch, who advised India World on the transaction, said “This transaction represents a win-win situation for both parties. While being the largest transaction of its kind from India, I am particularly pleased that it heralds the recognition of Internet entrepreneurship in India, similar to the huge phenomenon witnessed in the Silicon Valley. We are happy to have played a role in combining two complementary business models into what we believe would be the leading portal of India.”
Tomorrow: Valuation Question