Online marketplace eBay has agreed to acquire Baazee.com, an Indian online marketplace and auctioneer.
The agreement will allow eBay to expand its global footprint into the nascent but growing Indian market, the companies said. The acquisition is expected to close in the third quarter of this year.
Baazee.com runs a marketplace and auction site in India through its subsidiary Baazee.com India in Mumbai. Baazee.com, which started operations in January 2000, already has more than one million confirmed registered users who trade in a wide range of categories from consumer electronics and computers, to home decor and jewellery.
Under the agreement, eBay is acquiring both Baazee.com and its Indian subsidiary. eBay will acquire all outstanding shares of Baazee.com for approximately $50m (£28m), plus acquisition costs and post-signing adjustments.
eBay's president and chief executive officer, Meg Whitman, said she sees great opportunity in the Indian market in the long term and called the deal important for the growth of eBay's global marketplace.
A number of multinational companies are scouting in India for possible acquisition targets. Earlier this year, IBM acquired Daksh eServices, a business process outsourcing company near Delhi.
John Ribeiro writes for IDG News Service