The Network18 acquisition machine rolls on, finally entering the print space with group company TV18 acquiring 40 percent stake in BSE listed Infomedia India for Rs.178 Crores, reports moneycontrol.com. The stake has been acquired from an ICICI Venture managed fund, and Network18 intends to make an open offer for 20 percent more stake in Infomedia; if that doesn’t garner sufficient response, then they will acquire 13 percent stake in the company from the ICICI Venture managed fund. Renuka Ramnath, MD & CEO of ICICI Venture has said that Infomedia’s publication business has been growing at over 30 percent, and they’ve added 10 titles in the last 2-3 years. Infomedia will issue 50 lakh warrants to TV18, and 10 lakh warrants to the ICICI Venture managed fund. It had been reported earlier that ICICI Venture was looking to exit Infomedia.

There’s no mention of the digital side of Infomedia’s publishing business: Infomedia provides data to a number of local information search engines, and also has its own search engine : yellowpages.co.in and the classifieds listing hotfrog.in. Like JustDial, they also have a phone-in directory service called Yellow Line.

Update: TV18 will make an open offer of Rs. 237 per share for the additional stake in Infomedia, opening on Feb 2, and closing on Feb 23, reports ET.

Disclaimer: I own an inconsequential number of shares of Network18 group companies