New Delhi: Reliance Industries, which acquired the Network 18 media group in July, has started integrating the backend operations of television shopping firm Home-Shop18 with the technology team of Reliance’s consumer division.
The move involved transfer of around 100 HomeShop18 staff, a person familiar with the matter said.
A spokesperson of Reliance Retail confirmed the development. “Bengaluru technology resources of HS18, which are a captive unit for HS18, were moved as a group technology resource and to serve the technology needs of Reliance’s consumer businesses and continue to provide service to HS18 as required,” the spokesperson said.
Earlier this year, Reliance snapped up Network 18, which operates a clutch of television channels, including CNBC TV 18, CNN IBN and IBN 7, in one of the biggest acquisition in media in India. Before Reliance takeover, HopeShop18 was planning to raise $75 million (about Rs478 crore) in an initial public offering and had even filed prospectus to the New York Stock Exchange in April.
“Since the Reliance takeover the IPO process has shelved,” said another person with direct knowledge of the IPO process. Home-Shop18’s technology centre in Bengaluru also has office for the company’s merchandising team.