NDTV's media consulting and online units pick up minority stakes in the group's upcoming e-com venture
NDTV Worldwide Ltd and NDTV Convergence Ltd have picked up minority stakes of 37.5 per cent and 33.2 per cent, respectively, in NDTV Ethnic Retail Pvt Ltd, the upcoming e-commerce arm of the media firm NDTV Ltd, the company disclosed as part of its quarterly results.
The firm had disclosed plans to enter the e-commerce business early this year. However, at that time it had said it would be housed under NDTV Worldwide, its media consultancy arm.
NDTV Convergence houses the site NDTV.com though it is going to be merged with NDTV Labs, which is into software application development related to the broadcasting business.
NDTV had recently roped in co-founder and director (brand sourcing) of e-tailer Fashionandyou.com Rahul Narvekar as its CEO and as per his profile on the company's website, the firm is targeting the Indian diaspora with ethnic wear and accessories e-tailing.
With this addition, NDTV will follow media firms like Bennett Coleman & Co Ltd (The Times of India) and Network18 Ltd that have e-commerce businesses.