ITV

Tag: cleared

  • Nimbus, IMC cases cleared amongst FDI approvals

    NEW DELHI: The Indian government today cleared a clutch of media-related FDI proposals, including that of Nimbus Communications and the Hinduja-promoted Indusind Media Communications.

    In the case of Nimbus Communications, the government has permitted transfer of shares representing 10.57 per cent held by an erstwhile overseas corporate body, Transatlantic Corp, to Americorp Ventures.

    This means that 10.57 per cent shareholding in Nimbus is now held by Americorp. Government document state that there is no inflow of foreign investment.
     

    This approved transaction will also lead to a change in the nature of foreign equity holding of the media and communications company as the shareholding will shift from an overseas corporate body to the Mauritius-based Americorp.

    Transatlantic Corporation, also based in Mauritius, used to hold before the government approval over 4.3 million shares in Nimbus, which were acquired through foreign inward remittance under the automatic route of FDI policy.

    The Mumbai-founded Nimbus is a company that operates in the media and entertainment space dabbling in activities like advertising, publicity, marketing consultancy/research, entertainment through music, dance, drama, movie, TV and other mass media communications.
     
     

    Nimbus’ case was amongst the 29 foreign direct investment (FDI) cases approved by finance minister P. Chidambaram amounting to Rs. 1,470 million. These proposals related to ministries/departments of bio-technology, commerce, environment & forests, information technology, information and
    broadcasting, etc.

    The Indusind Media Communications (IMC) case envisaged allotment of equity shares in IMC to a foreign company (Kudelksi S.A. of Switzerland) against funds received in an escrow account in London.

    Though the government today did not specify the amount of shareholding that Kudelksi will have in IMC, company sources said it is likely to amount to less than five per cent.

    At a time in 2003 and 2004 when conditional access system (CAS) was a hot topic, IMC had entered into a deal with Kudelksi for supply of encryption technology and other related services for setting up a cable TV network for distribution of multi-channel information/entertainment package and other
    value added services. The foreign company was also to supply IMC with the set top boxes.

    Other media cases included that of editing, printing, sales and distribution of the Indian edition of the International Banking Systems Journal, produced by IBS Publishing of the UK and a proprietorship concern relating to production of motion and video films involving a non-resident Indian from Australia. Here
    the FDI inflow will amount to Rs. 20 million.

  • Askew gung-ho on fast take-off once Tata-Star DTH file cleared

    HONG KONG: Waiting to exhale. That could well describe the story for the Star Group’s having to exercise Buddha-like patience over the Indian government’s lack of urgency (an understatement if ever there was one) in clearing the long pending Tata-Star DTH file.
     

    Quizzed by indiantelevision.com over whether the long wait would ultimately prove worth Star’s while considering the relatively slow uptake that rival Zee’s DTH venture Dish TV had despite a nearly one and a half year head start, Star Group COO Steve Askew would not be drawn into comparisons.

    Askew, however expressed confidence that the product offering that Star has in the pipeline had three key ingredients that would make for a sure shot win-win for both Star and the consumer – competitive pricing, wide choice and quality of both content and service.
     
     

    The Star group COO, who was speaking on the sidelines of a joint announcement with John Lau’s Focus Films Ltd for the production of Chinese-language feature films in high definition (HD) technology, used the film analogy to drive home his point. What Space TV would be offering was akin to the multiplex experience “direct-to-home”, he averred.

    Askew promised 200-plus channels would be available on the DTH offering from Day 1 of launch and that the subsequent channel ramp-up would be at a fast clip.

    Asked to comment on the imminent arrival of the Amitabh Bachchan-hosted game show Kaun Banega Crorepati II, Askew, who had to rush off citing a packed schedule, said Star had high expectations for the show.