JobStreet signs MOU with TV18 Group

JobStreet Corporation Berhad, a online recruitment company in Malaysia, has signed an MOU with Television Eighteen India Ltd. (ìTV18î), Indiaís leading news network, for TV18 to take a 50% stake in its Indian operation, JobStreet.com India Pvt. Ltd. JOBS is listed on the Mesdaq market of Bursa Malaysia. TV18 will initially infuse USD 2M in cash and provide on-going media support to the business.

With this investment into JobStreet.com India, TV18 enters the e-recruiting market, which is growing at a very fast pace in India. The move is in line with the Groupís increasing focus on the growing Internet opportunity in India. To JobStreet, this partnership meets its objective of combining its award winning e-recruitment solution with a strategic local leader with media assets, which has proven to be a winning formula.

Commenting on the acquisition, Haresh Chawla, TV18 Group CEO said, ëWe expect to strengthen our presence in the consumer Internet space with this acquisition - this is part of our strategy to expand our offering to Indian consumers by exploiting the growing power and reach of the Internet. Over the last five years, TV18 has consistently invested in and built successful Internet franchises in India. The Group already owns Indiaís most widely used and influential online platforms ñ moneycontrol.com, commoditiescontrol.com, poweryourtrade.com and ibnlive.com. The Group has also recently seeded yatra.in in partnership with Norwest Venture Partners (NVP) ñ Promod Haqueís leading venture capital firm, which aims to revolutionise the travel services space in India. 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.î

Mark Chang, CEO of JOBS says, ìWe are very pleased to tie up with TV18. This partnership is a key milestone for our operations in India. TV18 is one of the leading media companies in India with a very solid audience franchise and a focus on the Internet, which is directly aligned with our growth strategy. In India the online recruitment space is growing rapidly. We are confident that with this partnership, JobStreet.com India will be able to reach out to more jobseekers and provide them with increased opportunities for career advancement. We expect to leverage TV18ís media network and business capabilities to strengthen our brand in India and build higher visibility to candidates.