Thursday, 18 June 2015

Government approves two FDI proposals in media sector

As per the recommendations of Foreign Investment Promotion Board (FIPB) in its 218th meeting held on 28th May 2015, the government of India has approved a total number of 16 foreign investment proposals worth Rs 6,751 crore, while 21 proposals have been delayed and six others were rejected. Out of the 16 approved proposals 2 were in favour of the media sector that amounts to Rs. 2502.05 crore approximately.
Broadcaster Star India Private Limited has been given approval for investing Rs 2,500 crore for further issuance and transfer of share to its foreign collaborator and to acquire one more Indian company engaged in broadcasting sector on a slump sale basis.
The FIPB also cleared Today Magazines Lifestyle Private Limited’s proposal for foreign investment of 49 per cent by Cooperatief International Publications Holding through transfer and further issue for an aggregate consideration of Rs 2.05 crores.
The list of deferred proposals include: INX Music Private Limited, Eros International Media, NTT Communications India, Hathway Cable and Datacom , DEN Networks, Reliance Globalcom Ltd, Bermuda, Celon Laboratories, etc.


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