Bennett, Coleman and Co Ltd (BCCL), India’s largest media house and popularly known as the Times group, is again divesting its non-core businesses. Dubai based Network International LCC, one of the largest of payment solutions providers, was set to buy TimesofMoney, the digital payment services provider and remittance company of BCCL, said two people aware of the development.
According to them, this was part of a larger group restructuring, ahead of its proposed Initial Public Offer. BCCL had got investment bank UBS to advise it on finding a strategic buyer for the business. The talks have been on for a while and the formal announcement is due within the next fortnight.
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