HK-listed Tencent takes option to buy up to 50 pct of MIH India Global Internet
17 Jun 2008
Xinhua Newsfeed
HONG KONG (XFN-ASIA) - Tencent Holdings Ltd, a mainland-based internet firm, said it has secured an option to acquire up to 50 pct of MIH India Global Internet Ltd.
Tencent said it plans to invest 7.5 mln usd in MIH India Global Internet over three years.
MIH India Global Internet has an interest in ibibo Web Private Ltd, which operates the Indian portals ibibo.com, OneFamily.com and Dwaar.com.
In 2007, Comscore ranked ibibo.com 24th in India based on the number of visitors.
As part of their alliance agreement, Tencent granted MIH India Global Internet a royalty-free licence to use some of its application software and content in India for seven years.
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