Star files for FIPB nod to up its stake in Tata Sky

MUMBAI: Star India, the Indian subsidiary of Rupert Murdoch’s News Corp, proposes to up its effective stake in the joint venture direct-to-home (DTH) company Tata Sky.

Star India has applied for FIPB (foreign investment promotion board) clearance to buy a 49 per cent stake in Tata Group’s investment firm TS Investments. The firm will buy a 20 per cent stake in Tata Sky for Rs 3.24 billion. 
Effectively, Star India will get additional 9.8 per cent stake in Tata Sky, increasing News Corp’s total holding in the DTH company to 29.8 per cent.

Currently, News Corp holds 20 per cent while Tatas holds 70 per cent stake in the DTH company. In 2007, Temasek had acquired 10 10 per cent stake in Tata Sky for $56 million.  
At present, there is a cap of 20 per cent FDI in the DTH sector, while the ceiling on foreign holding is 49 per cent. However, the government made amendments to the FDI policy last year that stated that investment through companies owned and controlled by Indians would not count in the calculation of foreign investment.

Tata Sky officials did not want to comment on the issue. Tata Sky MD & CEO Vikram Kaushik was not available for comment.

A source familiar with the development, however, said that the Murdoch company had applied to the FIPB for upping its stake in Tata Sky. "News Corp could have taken its effective stake to 39 per cent as Temasek holds 10 per cent. But the Tata Group was not willing to dilute its stake further at this stage," the source added.

Tata Sky has over 4.5 million subscribers and is the third largest DTH operator in the country, behind Dish TV and Sun Direct. In terms of ARPUs, however, it would stand higher among the others.

Latest Reads
Pune Times joins hands with the Pune Police to launch the 'City Safe' app, as part of #MakeMyCitySafe initiative

Pune Times, city supplement of leading media house, The Times of India, has joined hands with Pune Police to support an initiative for women’s safety in the city. Pune Times has launched its campaign #MakeMyCitySafe as a big shout out to the youth of Pune to come together to make the city safer...

Technology Software Applications
HAL Robotics ropes in Navanit Samaiyar as board member and advisor

MUMBAI: HAL Robotics has roped in Navanit Samaiyar as its board member and advisor. Samaiyar has a record of setting up, scaling and transforming businesses across a very wide cross section of industries spanning from IT/ ITeS to steel, telecom, engineering goods, earthmoving machinery, logistics...

Technology Hardware Components
Republic TV launches Android app

MUMBAI: Republic TV is on a roll. From rocking the ratings chart in launch week itself to going international, the channel has added one more accomplishment to its kitty. The Republic TV Android app is now live.

Technology Software Applications
STB cos in India, China enhancing features, providing customised solutions, Technavio enlists top vendors

MUMBAI: The global STB market is characterised by intense competition as the market is saturated in developed countries. The market share of these players is declining because of the entry of new players. The STB companies are enhancing the features of STBs and providing customised solutions to...

Technology Hardware Set-top Boxes
India's PFT Clear Media ERP suite to help US' PBS content delivery

MUMBAI: Prime Focus Technologies (PFT), the technology arm of Prime Focus, announced that its CLEAR™ Media ERP Suite has been selected by Public Broadcasting Service (PBS) to enhance their Network Operations Center (NOC) ecosystem efficiencies and sustainability, with the objective of reducing...

Technology Software Applications
Broadcasters, OTTs to gain as Via adds xHE-AAC at special rate

MUMBAI: Via Licensing Corporation, a intellectual property solutions provider, has announced the upcoming availability of Extended High Efficiency AAC (xHE-AAC) as part of the Advanced Audio Coding (AAC) patent pool. The expanded patent pool licence will be available at no additional cost to...

Technology Software Applications
Tata Comm to deliver Motorsport videos on global devices

MUMBAI: Tata Communications will now deliver video content for viewers' all devices over its global network. The two have partnered to power the growth of the network’s internet television platforms.

Technology Software Applications
How to create live video content sans pros, convert radio broadcast into visual show

MUMBAI: ChyronHego will be showcasing its live production, automation solutions at Broadcast India show in Mumbai in mid-October.

Technology Software Applications
Sony renews IP licence deal with TiVo

MUMBAI: TiVo Corporation, a leader in entertainment technology and audience insights, has announced that Sony Corporation, a leader in consumer electronics, has renewed its multi-year intellectual property (IP) licence agreement. The license to TiVo’s patent portfolios covers all of Sony’s...

Technology Software Applications

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories