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Tag: Crest

  • Climate favourable for FDI, Flag, Crest, You & Netmagic in queue

    Climate favourable for FDI, Flag, Crest, You & Netmagic in queue

    MUMBAI: The business climate seems to be favourable for more and better inflow of foreign direct investments into India. As the government took steps to improve ease of doing business and relax regulations, foreign direct investment into India grew by 60 per cent to US$ 4.68 billion in November 2016 as compared to US$ 2.93 billion the previous November.

    Star Den Media Services and Idea Cellular are among six proposals recently cleared by the government for receiving foreign direct investment (FDI) of around Rs 1,200 crore.

    Among the proposals that have been deferred for further discussions are — Flag Telecom Singapore Pte Limited, Crest Premedia Solutions Pvt. Ltd, You Broadband India Limited and Netmagic Solutions Pvt. Ltd. Flag Telecom is an indirect wholly-owned subsidiary of Reliance Communications (RCom).

    A proposal by M/s Crest Premedia Solutions Pvt. Ltd seeking approval for issuance of equity shares to the non-resident shareholders of M/s Springer SBM Holding Ltd., a Mauritius Company under a Scheme of Amalgamation was also deferred. 

    M/s You Broadband India Limited had sought post facto approval for acquisition of 9,79,875 equity shares of its downstream company M/s Digital Outsourcing Private Limited (DOPL) in lieu of issue of 20,58,759 equity shares to its resident shareholders by way of swap of shares but this was deferred.

    A proposal by Netmagic Solutions Pvt. Ltd for the increase in the shareholding of NTT Communications Corporation, Japan in the company from 81.63 per cent to 100 per cent was deferred.

    Cumulatively, India attracted US$ 32.49 billion foreign inflows in April-November period of the current fiscal as against US$ 24.81 billion in the same period previous year.

    The main sectors which have attracted foreign inflows during the eight months period of 2016-17 include telecom (US$ 5.47 billion) and information & broadcasting (US$ 1.06 billion).

    Foreign investments are considered crucial for India, which needs around US$ 1 trillion for overhauling its infrastructure sector such as ports, airports and highways to boost growth.

    Also Read:

    Idea, Star Den among Rs-1200 cr FDI proposals approved; latter to switch to investing biz

  • Crest secures $40 million funding, D E Shaw to hold 15%

    Crest secures $40 million funding, D E Shaw to hold 15%

    MUMBAI: Crest Animation Studios Ltd. will be getting a capital infusion of up to $40 million from D E Shaw group. The specialised investment and technology development firm will hold 14.99 per cent of Crest and up to 26 per cent of the Indian animation company’s US subsidiary RichCrest Holdings Inc.

    The agreement, subject to shareholder approval, also sanctions zero per cent coupon finance for production of animated feature films. D E Shaw comprises a number of entities with approximately $23 billion in aggregate capital.

    “The proposed investment comprises several distinct transactions representing an aggregate infusion of up to $40 million,” Crest says in a release today. “This financing cements Crest as one of the few 3-D CGI studios globally that is active in co-production of feature films with a major motion picture distributor,” it adds.

    RichCrest Animation Inc., located in Burbank, California, has entered into an agreement to co-produce three full-length 3-D animated feature films in a Joint Venture with Lions Gate Inc., a leading movie distribution company in the United States. The first of the three feature films, titled “Sylvester and the Magic Pebble”, has a planned release in 2008. The second movie project, titled “Alpha & Omega”, is currently in the development stage, and is planned for release in 2009.

    Specifically, the investment in Crest is proposed to fund the ongoing expansion and upgrade of Crest’s 3-D animation facilities and to meet the long term working capital requirements of the business. The investment in the subsidiary is to fund the requirements of RichCrest Animation Inc., which is actively involved in the 3D animated movies business.

    Says Crest Animation Studios managing director Seemha Ramanna, “D E Shaw has deeply understood the potential of 3-D animation in India and the significant global opportunities for Crest. The proposed investment is custom-tailored to enable Crest and its subsidiaries to build a powerful presence in the 3-D animation business worldwide, across the formats of television, DVD and feature films.”