MUMBAI: Raghav Bhal promoted Television Eighteen Group is picking up a 50 per cent stake in JobStreet.com India Pvt Ltd, the Indian arm of the Malaysia based listed online recruitment company JobStreet Corporation Berhad.

As per the memorandum of understanding between the two companies, TV18 will initially infuse $ 2 million in cash and provide on-going media support to the business of the JobStreet.com.

With this investment into JobStreet.com India, TV18 is making an aggressive entry into the e-recruiting market. The move is in line with the group's increasing focus on the growing Internet opportunities in India.

To JobStreet, this partnership meets its objective of combining its e-recruitment solution with a strategic local leader with media assets, which has proven to be a winning formula.

TV18 CEO Haresh Chawla said, "We expect to strengthen our presence in the consumer Internet space with this acquisition - this is part of our strategy to expand our offering to Indian consumers by exploiting the growing power and reach of the Internet. Over the last five years, TV18 has consistently invested in and built successful Internet franchises in India.

The group already owns well established online platforms - moneycontrol.com, commoditiescontrol.com, poweryourtrade.com and ibnlive.com.

The group has also recently seeded yatra.in with Norwest Venture Partners (NVP) - Promod Haque's venture capital firm, which aims to revolutionise the travel services space in India. With JobStreet.com India, we will bring value to millions of job seekers in India. We are delighted to partner with JobStreet in this exciting venture."