Zee Entertainment Enterprises Ltd. has agreed to fully acquire India Webportal Pvt. Ltd., the company said in a June 8 regulatory filing.
Zee Entertainment will acquire the remaining 49% stake in India Webportal from existing investors MMC Investments Holding Company II Ltd. and Ashok Kurien for $30.7 million.
Incorporated in 2010, India Webportal is a 51% subsidiary of Zee Entertainment. It operates websites such as such as India.com, Bollywoodlife.com and Cricketcountry.com.
Meanwhile, the Indian media conglomerate is also picking up a 12.5% equity stake in Bangalore-based startup Tagos Design Innovations Pvt. Ltd., an in-video discovery platform, for $2.5 million.
The acquisitions are in line with the company's strategy to consolidate its digital businesses, the company said.