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HT Media acquires 40% stake in MyParichay

HT Media Limited has acquired 40% stake in MyParichay, a social recruitment business which augments HT Media’s existing job portal Shine.com. According to a statement issued by the company, the stake will be acquired from MyParichay’s existing promoters and by subscribing CCPs in three separate tranches over the next two years.

HT Media Limited has acquired 40% stake in MyParichay, a social recruitment business which augments HT Media’s existing job portal Shine.com. According to a statement issued by the company, the stake will be acquired from MyParichay’s existing promoters and by subscribing CCPs in three separate tranches over the next two years.

The first closing took place on December 13, 2012 and the remaining three closings are expected to take place in April 2013, June 2013 and August 2014, subject to the achievement of certain milestones. J Sagar Associates advised HT Media while PXV Law represented MyParichay.

Founded by Ranjan Sinha and Vivek Sinha, MyParichay have built an entire social network within Facebook that allows members to apply for jobs, companies to recruit, and employees to refer friends for internal job postings.

The online recruitment platform claims to allow users search over 2 million jobs across job sites, company pages and various online sources. Among its clientele include Genpact, Kotak Life Insurance, People Strong, Quattro, and Summit HR. Few days back, HT Media’s job website Shine.com has signed a strategic partnership with MyParichay to enable social recruitment solutions for employers.

HT Media Ltd is an Indian mass media company based in Delhi, India. It publishes Hindustan Times, an English daily, and Mint, a business paper. It operates 19 printing facilities across India with an installed capacity of 1.5 million copies per hour. This is the company’s third major acquisition in the online space, after it had bought social networking site DesiMartini through its online subsidiary Firefly eVentures in 2007. Recently in June, HT Media had also invested in Rs 1.95 crore in Comp U Learn Tech India Ltd.

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