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TV 18 said the divestment will be at a value determined and mutually agreed at the time of transfer. quot;The option to acquire stake is to be exercised not later than March 31, 2001,quot; the statement said.

TV 18 owns 49 percent in a joint venture with CNBC in India. The statement said TV 18 had formulated a marketing and distribution alliance with Sony to collect subscription revenues and market the Indian advertising inventory for CNBC India.

TV 18 had last month denied a newspaper report that the firm was considering offering a stake to Sony. The company made a sizzling debut in Indian markets on February 16 when its shares listed about 1,000 per cent higher. The stock on Monday ended Rs 46.70 lower at Rs 594.70 at the Bombay Stock Exchange.

Wipro announces 15 per cent interim dividend

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