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Company : Rediff.com India Ltd 
Monday, October 30, 2000 9:50PM IST (4:20PM GMT)
 
NASDAQ:REDF(NASDAQ:REDF)
SILICON VALLEY PORTAL TO MERGE WITH REDIFF.COM TO CREATE REDIFF USA
Merger will extend the reach of Rediff.com’s content, services and marketplace offerings to the Indian-American community in the U.S.
 
New Delhi, Delhi, India

Rediff.com India Limited, (Nasdaq: REDF), one of India's leading portals focusing on India and the global Indian community, today announced an agreement to acquire a privately held, U.S.-based portal focusing on Indians in the U.S., ThinkIndia.com, Inc., for American Depositary Shares. Pursuant to the terms of the agreement, ThinkIndia.com, Inc. will become a wholly -owned subsidiary of Rediff.com India Limited, named Rediff.com Inc. The transaction, subject to completion, will be accounted for as a purchase.

"It is our mission to make Rediff.com the online portal of choice for Indians worldwide.  We will do this by helping all Indians living outside India connect with their community, both in India and in the countries where they live. This merger is the first step towards accomplishing the greater objective," says Ajit Balakrishnan, Chairman and Chief Executive Officer, Rediff.com India Limited.

ThinkIndia.com was founded by Gopal Krishna along with co-founders Gaurav Dalmia, an Indian entrepreneur, and Sandy Rekhi, a former executive at Oracle, and backed by North American venture capitalists and several Indian American angel investors.

Rediff.com will customize its content, services and marketplace offerings for the Indian community in the U.S. through, among others, dedicated pages for Indians living in major U.S. metropolitan areas such as the San Francisco Bay area, Los Angeles, Chicago, the greater Washington D.C. area, New York, Jersey area and Houston. The web site's city pages are a resource designed to provide users with information they need to connect with their local Indian community on topics such as local Indian news, events, movies, restaurants and Indian business directories.

"Joining forces with Rediff.com will allow us to accelerate the growth and development of our customized content, product and services which are uniquely designed to meet the lifestyle and needs of the Indian community living in the United States. We look forward to the opportunity of establishing Rediff.com as the leading portal for the Indian community in the United States," says Gopal Krishna, CEO and Co-Founder of ThinkIndia.com.

About Rediff.com
Founded in 1996, Rediff.com India Limited is one of the leading Internet portals, focusing on India and the global Indian community. Currently, Rediff.com's web site consists of interest specific channels, extensive community features, local language editions, sophisticated search capabilities and online shopping.  Rediff.com also provides users extensive Internet community offerings, which include e-mail, chat, instant messaging and personal homepages, all tailored to Indian interests.  Rediff.com has developed its offerings based on the demands and the requirements of its users.

Safe Harbor Statement of Rediff.com India Limited under the Private Securities Litigation Reform Act of 1995:
This release may contain forward-looking statements based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference for Rediff.com in connection with the acquisition of ThinkIndia.com, Inc. include, but are not limited to, the risks inherent in acquisitions of portal businesses, including the timing and successful completion of technology and product development, integration issues, costs and unanticipated expenditures, changing relationships with customers, suppliers and strategic partners, potential contractual, intellectual property or employment issues, accounting treatment and charges, and the risks that the acquisition cannot be completed successfully or that anticipated benefits are not realized; the rate at which present and future customers adopt Rediff.com's and ThinkIndia.com's service and product offerings in the targeted U.S. markets; the loss of key customers; the volume of our product sales; the availability and pricing of competing products and services and the resulting effects on sales and pricing of our products and services; intellectual property disputes and customer indemnification claims; the effects of new and emerging technologies such as wireless delivery systems; our ability to retain and hire key executives, technical personnel and other employees in the numbers, with the capabilities, and at the compensation levels needed to implement our business and product plans; and other factors.

Our recent and forthcoming Quarterly Reports on Form 6-K and Annual Reports on Form 20-F, and other Securities and Exchange Commission filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These reports are available at www.sec.gov.

 
Media Contact Details
Pushpa Nair, pushpa@business2media.com, +91-11-3326022
Pushpa Nair, pushpa@business2media.com, +91-11-3326022
 
 
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