The acquisition was done through Alibaba Pictures Group Limited, the company’s flagship entertainment arm. The entry of Alibaba was facilitated through a combination of stake dilution by promoters led by Mr. Nammalvar and others, and issue of fresh equity at an undisclosed premium. According to Mr. Nammalvar, Orbgen Technologies notched a topline of Rs. In the last few years, Alibaba Pictures has expanded its businesses beyond its home market. The strategic partnership between Alibaba Pictures and TicketNew can be mutually beneficial.

Source: The Hindu June 05, 2017 14:26 UTC