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FINANCIAL NEWS
UAE’s News Corp to buy USD30m stake in Indian property site
25 Nov 2014
(MENAFN) Rupert Murdoch’s News Corp has bought a minority stake in Indian property start-up PropTiger.com for USD30 million, which was the largest investment media group in the country and the latest in a series of deals in India’s fast-growing e-Commerce sector, Gulf News reported.
According to the senior vice president of News Corp for strategy, the deal marks the first of a series of investments.
“We see a big digital opportunity in India, where digital use is booming and demographics are favourable, and this is the first stage of that,” he said. “I would look at it as the beginning of several things we would do in the future.”
The company picked up a 25 percent-holding-in Elara Technologies, the parent of the website, which provides information on India’s growing but fragmented and formidably complex market for new-build residential property.
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