Media firm New Delhi Television Ltd (NDTV) has signed preliminary pacts with certain potential investors for its e-commerce ventures.
NDTV is entering the e-commerce business in the fields of food, auto and gadgets.
The company, along with its arm NDTV Convergence, signed the term sheets with potential investors, it said.
“The term sheets are non-binding and are subject to the parties agreeing upon and executing the definitive agreements, which will include detailed terms and conditions in relation to the proposed transactions,” NDTV said in a filing to BSE.
The company did not disclose the financial details. It said the proposed transactions would be subject to various conditions “precedent to be specified in the definitive agreements, including due diligence, receipt of requisite corporate authorisations, approvals and regulatory approvals”.
In March, the company had informed that the Board of Directors had accorded in-principle approval for setting up of online ventures, including digital transactions.
Source: SiliconIndia, Agencies