In turn, Kotak Mahindra's subsidiary Kotak Mahindra Investments Ltd has picked up a seven per cent stake in Friday Corporation.According to Dipak Gupta, executive director, Kotak Mahindra Finance: "Both the transactions are in the region of Rs 2.5 crore. Thus, there is no cash outgo for Friday Corporation."

Both the transactions have been completed and according to the company officials, the new entity with over 230 content partners and a client base of 130, will be one of the largest content solution providers in India. It will service its customers and partners out of Delhi and Mumbai and is likely to have a tem of over 50 people.

According to Vishal Dhar, CEO, Friday Corporation the new company "will cater to the content requirements of customers across multiple platforms including Websites, corporate Intranets, print, mobile, radio and broadband ISPs."

He added: "The acquisition will provide a means of utilising the synergies of Friday Corporation as a content provider in the lifestyle and entertainment with that of Matrix in the business and finance content space. We would now be able to deliver content solutions across multiple platforms."Matrix Information Services, the wholly-owned subsidiary of Kotak Mahindra group was set up in 1996 and has positioned itself in the Web-based electronic information distribution segment in the content solutions business. Its clientele includes HLL, Ranbaxy Laboratories, Cipla, Cadbury, Lintas, BBC among others.

Friday Corporation, a 30-strong outfit, was set up in March 2000 by Vishal Dhar, Arjun Sawhney and Nikhil Khanna. The company provides consulting to over 45 clients including MSN India, NetKracker, Mantraonline, Indya.com among others.