TV18 to take 50% stake in JobStreet India

 According to a release issued by TV 18 to the BSE today, the company has signed an MoU with JobStreet India's parent, JobStreet Corporation Berhad, Malaysia, and will initially pay $2 million in cash and provide on-going media support to the business.

 "The move is in line with TV18's increasing focus on growing Internet opportunities in India," the release added.

 Haresh Chawla, CEO of TV18, said: "We expect to strengthen our presence in the consumer Internet space with this acquisition. With JobStreet.com India, we will bring value to millions of job seekers in India. We are delighted to partner with JobStreet in this exciting venture."