Yahoo Talks Buying Stake of IndiaTimes
The Financial Times reports that Yahoo is interested in buying a substancial stake of the IndiaTimes, the largest Indian web portal. Yahoo is reported to be partnering with Bennett Coleman, the publisher of The Times of India newspaper and other titles.
Bennet Coleman is apparently looking for a partner to develop its online services, a move which may lead to a US flotation. Yahoo is being proactive by expanding in India where internet usage is growing fast. The Financial Times said that an executive with Bennett Coleman quoted them that the company hoped to come to a final decision within the next month.
“An internet initiative requires plenty of investment and since we hope to take our portal to the Nasdaq, we will require support,” he said.
Both companies Bennett Coleman and Yahoo declined to comment on the report to a follow up story with the BBC. Yahoo has a research & development operation in Bangalore and an embryonic partnership with Indian online business, rediff.com.
This is very interesting news. I see the Indian websphere maturing rapidly, E-bay bought over Baazee.com recently, and I know for a fact Yahoo has been serious in India for quite some time so this is no major surprise really. All the dotcoms that stuck it out from the dotcom boom are being rewarded slowly!
“All the dotcoms that stuck it out from the dotcom boom are being rewarded slowly!” – SEO
I surely agree. India is smartly learning and developing its expertise on the internet. IndiaTimes seems to be rocking! Atleast for now ;)