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India's ZEEL buys website operator, takes stake in video discovery startup

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.