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Monster Worldwide buys out local unit

New Delhi, Dec. 2: Monster Worldwide Inc, the world's largest Yellow Pages advertising agency and one of the world's largest recruitment advertising agency networks, has acquired sole ownership of Monster India.

Monster Worldwide finalised a deal to buy out its original partner in the joint venture, a subsidiary of Australia-based ecorp Limited. As part of the deal, Monster Worldwide has also assumed full ownership of Monster's operations in Hong Kong and Singapore and increased its overall stake in the Asia-Pacific region. The terms of the agreement were not disclosed.

Launched in March 2001, Monster India is one of the leading online providers of hiring and career management services for companies and job seekers in India.

Monster India received more than 2.9 million unique visitors in October 2003, according to Red Sheriff, an independent third-party traffic-auditing agency. Monster India also has more than 710,000 resumes in its database. “Securing full ownership of Monster India is in keeping with our strategic plan to drive Monster's expansion and growth in foreign markets such as India where we see opportunity for growth now and in the future,” Monster Worldwide chairman and CEO Andrew J. McKelvey said.

“The fact that Monster India is now a fully-owned subsidiary of Monster strengthens our commitment to becoming the preferred provider of online recruitment services in India,” Monster India country manager Arun Tadanki said.

“It also paves the way for us to increase our sales and marketing investment in India, so that we can generate even stronger brand awareness and enhance our overall competitive position in the marketplace,” he added.

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