Confirming the acquisition, Mr Ashok Mansukhani, Chief Operating Officer, IndusInd Entertainment said: "We are in the process of acquiring forindia.com and will announce the details of the deal soon. All the concerned stock exchanges have already been informed of the deal". On further questions Mr Masukhani said the deal would be an all-stock-deal, but refused to give the financial details as the modalities are still being worked out.

After the acquisition, ForIndia.com would become a wholly-owned subsidiary of the IndusInd Entertainment Limited (IEL). Hinduja Finance would hold 70 per cent shares of IEL and ForIndia.com, while the remaining shares would be held by the existing shareholders of ForIndia.

On acquisition, ForIndia.com would provide content not just to the TV channel, but also to the group's existing portal in2cable.com. The US-based NRI, Mr Nick Patel-promoted narrow band portal would be converted into a broadband portal.

Synergies for IndusInd are in terms of being able to target the NRI community and to Webcast events which are on the telecast on the group's channel INTV. Recently ForIndia.com had Webcast nine-day long Navratri celebrations and Ganesh Chaturthi festival, which was simultaneously telcast.At present, IndusInd Media & Comunications is present in all areas of media from access to content. The various companies in the media segment are being made subsidiaries of Hinduja Finance so that the synergies can be utilised more effectively.