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Tag: Foreign Investments Promotion Board

  • Tikona Digital permitted to bring in over Rs 250 crore as foreign direct investment

    Tikona Digital permitted to bring in over Rs 250 crore as foreign direct investment

    NEW DELHI: The Finance Ministry has cleared a proposal of M/s Tikona Digital Networks Pvt Ltd for the issuance of CCDs thereby increasing foreign equity to 76.73%.

    This will involve Foreign Direct Investment of Rs 267 crore, according to the approval by the Foreign Investments Promotion Board in its 238th meeting.

    The Ministry approved the proposal by Haymarket SAC Publishing (India) Private Limited for the take over the publication of the specialty magazine “Print Week” from Haymarket Media (India) Private Limited, its sister concern as it does not involve any foreign direct investment.

    The Ministry deferred decision on a proposal by Quintillion Business Media Private Limited seeking approval for the issuance of equity shares to BLOOMBERG L.P. The investee company is proposed to be engaged inter alia in the uplinking and broadcasting of a business news television channel and operating related digital content platform in India.

    It also deferred a proposal by The Financial Times (India) Private Limited for transfer of 99.99% of The Financial Times (India) Private Limited to Falstaff Singapore Pte Ltd, currently held by Pearson, Singapore, for an aggregate consideration of SGD 1; transfer of one share of The Financial Times (India) Private Limited to Falstaff Singapore Pte Ltd, currently held by Pearson, Amsterdam; and transfer of entire shareholding of Falstaff Singapore Pte Ltd to Nikkei Inc, currently held by Pearson, Amsterdam.

    The Ministry deferred a proposal by M/s Idea Cellular Infrastructure Services Limited (ICISL) to take on record the increase of foreign investment in ICISL beyond 50% and allow foreign investment in ICISL up to 67.5%.

    The Ministry noted that ICISL is a wholly owned subsidiary of IDEA which has become a foreign owned company with more that 50% foreign investment. Accordingly, ICISL is also deemed to have foreign investment in excess of 50% as a mirror image of its parent company.

    A proposal by M/s BT Global Communications (Mauritius) Limited to acquire remaining 26% equity and preference share capital of M/s BT Telecom India Private Limited (Investee Company) from M/s Jubilant Stock Holding Private Limited, which will result in increasing its shareholding in the investee company from 74% to 100% was also deferred.

  • Tikona Digital permitted to bring in over Rs 250 crore as foreign direct investment

    Tikona Digital permitted to bring in over Rs 250 crore as foreign direct investment

    NEW DELHI: The Finance Ministry has cleared a proposal of M/s Tikona Digital Networks Pvt Ltd for the issuance of CCDs thereby increasing foreign equity to 76.73%.

    This will involve Foreign Direct Investment of Rs 267 crore, according to the approval by the Foreign Investments Promotion Board in its 238th meeting.

    The Ministry approved the proposal by Haymarket SAC Publishing (India) Private Limited for the take over the publication of the specialty magazine “Print Week” from Haymarket Media (India) Private Limited, its sister concern as it does not involve any foreign direct investment.

    The Ministry deferred decision on a proposal by Quintillion Business Media Private Limited seeking approval for the issuance of equity shares to BLOOMBERG L.P. The investee company is proposed to be engaged inter alia in the uplinking and broadcasting of a business news television channel and operating related digital content platform in India.

    It also deferred a proposal by The Financial Times (India) Private Limited for transfer of 99.99% of The Financial Times (India) Private Limited to Falstaff Singapore Pte Ltd, currently held by Pearson, Singapore, for an aggregate consideration of SGD 1; transfer of one share of The Financial Times (India) Private Limited to Falstaff Singapore Pte Ltd, currently held by Pearson, Amsterdam; and transfer of entire shareholding of Falstaff Singapore Pte Ltd to Nikkei Inc, currently held by Pearson, Amsterdam.

    The Ministry deferred a proposal by M/s Idea Cellular Infrastructure Services Limited (ICISL) to take on record the increase of foreign investment in ICISL beyond 50% and allow foreign investment in ICISL up to 67.5%.

    The Ministry noted that ICISL is a wholly owned subsidiary of IDEA which has become a foreign owned company with more that 50% foreign investment. Accordingly, ICISL is also deemed to have foreign investment in excess of 50% as a mirror image of its parent company.

    A proposal by M/s BT Global Communications (Mauritius) Limited to acquire remaining 26% equity and preference share capital of M/s BT Telecom India Private Limited (Investee Company) from M/s Jubilant Stock Holding Private Limited, which will result in increasing its shareholding in the investee company from 74% to 100% was also deferred.

  • Radio FM Phase III applicants can get 49 per cent FDI after FIPB clearance

    Radio FM Phase III applicants can get 49 per cent FDI after FIPB clearance

    NEW DELHI: Applicants in Phase III of FM Radio will be able to attract foreign direct investment, but the total direct and indirect investment including portfolio and FDI into the company will not exceed 49 per cent at the time of application and currency of licence.

    In an announcement today, the Government said the company would be required the status of such foreign holding and it will have to certify that it is within 49 per cent on a yearly basis.

    It was also clarified that any investment will have to be with the approval of the Foreign Investments Promotion Board.

    The calculation of the direct or indirect foreign investments will be as per extant policy of the government.

    This has been done today by an amendent in the Policy Guidelines for Phase III announced on 24 November last year.

    While announcing a relaxation on FDI in the electronic media on 20 June 2016, the Government had not referred to radio.

    For more information click here:

  • Radio FM Phase III applicants can get 49 per cent FDI after FIPB clearance

    Radio FM Phase III applicants can get 49 per cent FDI after FIPB clearance

    NEW DELHI: Applicants in Phase III of FM Radio will be able to attract foreign direct investment, but the total direct and indirect investment including portfolio and FDI into the company will not exceed 49 per cent at the time of application and currency of licence.

    In an announcement today, the Government said the company would be required the status of such foreign holding and it will have to certify that it is within 49 per cent on a yearly basis.

    It was also clarified that any investment will have to be with the approval of the Foreign Investments Promotion Board.

    The calculation of the direct or indirect foreign investments will be as per extant policy of the government.

    This has been done today by an amendent in the Policy Guidelines for Phase III announced on 24 November last year.

    While announcing a relaxation on FDI in the electronic media on 20 June 2016, the Government had not referred to radio.

    For more information click here:

  • RCom proposal for setting up subsidiary telecom company rejected

    RCom proposal for setting up subsidiary telecom company rejected

    NEW DELHI: The Government has rejected the proposal by Flag Telecom Singapore Pte Limited, Singapore, an indirect wholly owned subsidiary of Reliance Communications (RCOM), for setting up a 100 percent subsidiary telecom company. The company was yet to be incorporated, an official Finance Ministry release said.

    Meanwhile following recommendations of the Foreign Investments Promotion Board, the Ministry deferred a decision relating to You Broadband India Limited post facto seeking approval for acquisition of 9,79,875 equity shares of its downstream company 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.

    It also deferred approval to Tikona Digital Networks Pvt Ltd for the issuance of CCDs thereby increasing foreign equity to 76.73 percent.

    The Ministry approved a proposal by Macmillan Publishers International Ltd, UK for foreign investment of up to 100 percent in a new company (‘New Co.)’, proposed to be incorporated in India in the publishing sector. This involved FDI amounting to Rs 28.2 crore.

  • RCom proposal for setting up subsidiary telecom company rejected

    RCom proposal for setting up subsidiary telecom company rejected

    NEW DELHI: The Government has rejected the proposal by Flag Telecom Singapore Pte Limited, Singapore, an indirect wholly owned subsidiary of Reliance Communications (RCOM), for setting up a 100 percent subsidiary telecom company. The company was yet to be incorporated, an official Finance Ministry release said.

    Meanwhile following recommendations of the Foreign Investments Promotion Board, the Ministry deferred a decision relating to You Broadband India Limited post facto seeking approval for acquisition of 9,79,875 equity shares of its downstream company 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.

    It also deferred approval to Tikona Digital Networks Pvt Ltd for the issuance of CCDs thereby increasing foreign equity to 76.73 percent.

    The Ministry approved a proposal by Macmillan Publishers International Ltd, UK for foreign investment of up to 100 percent in a new company (‘New Co.)’, proposed to be incorporated in India in the publishing sector. This involved FDI amounting to Rs 28.2 crore.

  • Finance Ministry defers Jasper Infotech’s investment proposal in Den’s Macro Commerce

    Finance Ministry defers Jasper Infotech’s investment proposal in Den’s Macro Commerce

    New Delhi: The Finance Ministry has deferred a decision on a proposal by Jasper Infotech Private Limited which wanted to make downstream investment in Macro Commerce Private Limited.

    The investment was for uplinking of Non-news TV channels by purchasing 50 percent stake in the company from Den Networks Limited, its existing holding company.

    Approval has been deferred for foreign investment of up to 100 percent in a new company proposed to be incorporated in India by publishing firm Macmillan Publishers International Ltd, UK.

    The decisions of the ministry are on the recommendations of the Foreign Investments Promotion Board (FIPB).

  • Finance Ministry defers Jasper Infotech’s investment proposal in Den’s Macro Commerce

    Finance Ministry defers Jasper Infotech’s investment proposal in Den’s Macro Commerce

    New Delhi: The Finance Ministry has deferred a decision on a proposal by Jasper Infotech Private Limited which wanted to make downstream investment in Macro Commerce Private Limited.

    The investment was for uplinking of Non-news TV channels by purchasing 50 percent stake in the company from Den Networks Limited, its existing holding company.

    Approval has been deferred for foreign investment of up to 100 percent in a new company proposed to be incorporated in India by publishing firm Macmillan Publishers International Ltd, UK.

    The decisions of the ministry are on the recommendations of the Foreign Investments Promotion Board (FIPB).