CRISIL announces its decision to transfer the assets & staff of CRISIL MarketWire to the TV 18 Group

CRISIL Ltd on November 14, 2006 has announced its decision to transfer the assets and staff of CRISIL MarketWire (CMW) to the TV18 group. The transfer will take effect from January 01, 2007.

The CMW business will be re-christened NewsWire 18 Pvt Ltd and will be a group Company of the TV 18 group.

The TV18 group will take over all the assets and staff of CMW from the effective date. Mr Pankaj Aher, currently Chief Executive Officer of CRISTL MarketWire Ltd, will take over as CEO of NewsWire 18 Pvt Ltd and the entire team with him at CMW will continue in the same capacity as they currently are, at NewsWire 18 Pvt Ltd. The new venture will carry with it all the staff of CMW across all locations and functions.

Commenting on this development, Mr R Ravimohan, CEO and Managing Director of the Company said "This transaction will allow the CMW team to be housed in a large, mainstream, and fast-growing media Company. The technology, reach, and content of TV and the CMW content and product will be a very good combination that will offer value to customers."

Source : Equity Bulls

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