Media house NDTV announced that its shareholders have approved sale of its automobile e-commerce firm Fifth Gear Ventures Limited (FGVL), which owned and operated automobile e-commerce portal carandbike.com (earlier known as NDTV Auto), to Autobyte Private Limited.

NDTV had sought approval for "subscription of equity shares by Autobyte Private Limited in Fifth Gear Ventures Limited (FGVL) resulting in change of control of Fifth Gear Ventures Limited from New Delhi Television Limited and NDTV Convergence Limited to Autobyte Private Limited," NDTV said in a filing to the BSE. The same has been approved by over 99 per cent of shareholders, the filing said.

Carandbike.com is a news and e-commerce portal on automobiles. Autobyte Private Limited has been managing the website so far, and now, after buying, will have complete control over it.

The NDTV Group (NDTV and its subsidiary NDTV Convergence) held 78.74% stake in FGVL, the remaining being held by the Autobyte Private Limited.

Autobyt Pvt Ltd, according to its LinkedIn page, is headquartered in Chennai and was founded in 2016. It links to http://www.shiftauto.com/, which isn’t functional yet.

Earlier this year, the NDTV sold its entire stake in NDTV Ethnic Retail, the subsidiary that ran the e-commerce portal indiaroots.com, which retailed in ethnic Indian wear. The group held stake in the venture through its subsidiaries NDTV Lifestyle Holdings Ltd, NDTV Convergence Ltd and NDTV Worldwide Ltd. Together, the three held 99.92% stake in NDTV Ethnic Retail. The group sold its stake in the venture to Nameh Hotels and Resorts.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.