Finance ministry clears several projects relating to media and broadcasting
(20 May 2010 7:45 pm)
NEW DELHI: Asianet Communications has been permitted to induct Rs 4250 million in foreign equity to undertake the business of broadcasting non-news and current affairs television channels. Asianet is Star's arm to expand into the regional language television space.
The Foreign Investment Promotions Board (FIPB) has also cleared a proposal by Star India Holding to induct Rs 3,240 million to acquire up to 49 per cent share holding stake in TS Investments Ltd, which in turn will acquire shares of Tata Sky Ltd.
Amar Chitra Katha Pvt Ltd, of Mumbai has been permitted to induct Rs 900,000 in foreign investment to carry out the business of publishing pictorial magazines and comic books.
Dipti Publications Pvt Ltd. has been allowed to transfer shares from an NRI to another NRI to carry out the publishing of speciality periodicals, which does not involve any foreign equity.
Valuable Media Ltd of Mumbai has received ex-post-facto approval for issuance of partly-paid equity shares to the tune of Rs 999.3 million.
Neo Sports Broadcast Pvt. Limited has been permitted to make an amendment in the FC approval, not involving any fresh inflow.
Meanwhile, the Finance Ministry has deferred the proposal of Jagran Media Network Pvt Ltd, Kanpur, for the induction of foreign equity into a company which does not have any operations and also do not have any downstream investments.
A proposal by INX Media Pvt Ltd for making an amendment in the FC approval has also been deferred.
Transcend Infrastructure Ltd's proposal for acquisition of 100% equity to undertake the business of building towers, acquiring towers for securing management rights of towers for the purpose of leasing or licensing the shared use of these towers to communication and broadcasting; the proposal by Hindustan Media Ventures Ltd, Patna, for induction of foreign investment from non-residents including FIIs, FVCI and VCF and multilateral and bilateral development financial institutions and other eligible foreign investors including pursuant to a private placement, IPO of equity shares of the Company and/or transfer of equity shares or other securities convertible into equity shares; and Mid Day Multimedia Ltd's proposal for making an amendment in the FC approval have also been deferred.
The proposal by M/s Jaipur IPL Cricket Pvt Ltd. to induct 100% foreign equity by way of issue of shares for consideration other than cash has been rejected.
