New Delhi: Zee Entertainment Enterprises Limited (ZEEL) has received the approval from the ministry of information and broadcasting for the transfer of the digital publishing business division to Rapidcube Technologies.

The Department for Promotion of Industry and Internal Trade has also granted its approval for the same.

The company's board had already given the go-ahead for the transfer of the Digital Publishing Business Division of the Company to Rapidcube through a Business Transfer Agreement last year on 17 December. Established this year, Rapidcube is a private company limited by shares and is the wholly owned subsidiary of Zee Media Corporation Limited.

“The company has received the approval from the ministry of information and broadcasting and department for promotion of industry and internal trade, as required under the press note four of 2019 dated 18 September, 2019 and the provisions of Foreign Exchange Management Act, 2000,” it said in a BSE filing.