Google & Yahoo May Be Looking To Buy Rediff

Google Inc. and Yahoo Inc. are vying to buy Rediff.com India Ltd., the Hindustan Times reported citing an unnamed source.

The paper said the potential takeover could value the Mumbai, India-based news, entertainment, shopping and search site (NASDAQ:REDF) at close to $1 billion.

In addition to Mountain View-based Google (NASDAQ:GOOG) and Sunnyvale-based Yahoo (NASDAQ:YHOO), the paper said Time Warner Inc.'s (NYSE:TWX) America On Line unit may be a suitor.

Besides the Web site, Rediff.Com India limited publishes two weekly newspapers aimed at Indian-Americans, India Abroad and India in New York.