New Delhi: Network18 Media and Investments Ltd. announces the continuation of its relationship with Nokia Growth Partners (NGP), with NGP swapping its holding in Web18 for Network18 shares.
Pursuant to the ‘Scheme of Arrangement’ announced on 7th July 2010 by Network18, the operations of Web18 have been merged into Network18 Media and Investments. In September 2009, Nokia Growth Partners made an investment in Web 18. This investment has now been swapped into Network18 shares.
Commenting on the transaction, Raghav Bahl, Managing Director and Founder, Network18 said that, “I am delighted to welcome Nokia Growth Partners as a shareholder in Network18. We have shared an excellent relationship with NGP and Nokia and I am sure they will add value to Network18 just as they did at Web18. We look forward to our continued association.”
Paul Asel, Managing Partner, Nokia Growth Partners remarked that, “Network18 is already one of Nokia’s preferred media partners in India and NGP’s continued investment confirms our belief in the future growth potential of Network18 and our commitment to India. We are excited about the digital media opportunity in India. Network18’s market leading brands and digital properties spanning the Internet, television mobile and print offer a compelling way to leverage this growth opportunity.”