The Delhi office of AZB & Partners advised Mauritius-based Nokia Growth Partners (NGP) in its recently-concluded $10 million (Rs. 46 crores) investment in TV18's mobile and internet arm, Web18. NGP is an investment fund set up by Nokia in Mauritius to invest in information and communications technology companies ancillary to the mobile industry. Web18 manages TV18's internet portals, including the popular moneycontrol.com, ibnlive.com and jobstreet.com.

AZB's Delhi Partner, Gautam Saha led the transaction. Web18 was advised by their in-house counsel, led by Network 18's Senior Vice-President (Legal), Anil Fernandes.

Web18 plans to use the funds to upgrade its existing portals. Nokia's investment has also put Web18's proposed IPO on hold, and the company now plans to defer its offering until the markets have revived completely.

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