New Delhi: eBay, the world's largest online auctioneer, has bought out Baazee.com Inc, India's largest online marketplace, and its subsidiary Baazee.com India Pvt Ltd, for $ 50 million.

Reports said the acquisition will close in the third calendar quarter of 2004.

eBay will acquire all outstanding shares of Baazee.com Inc for $ 50 million, plus acquisition costs and post-signing adjustments.

An eBay release said the agreement will allow eBay to expand its presence into the growing Indian market.