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NEW
DELHI: Foreign direct investment (FDI) in media and entertainment
sector revived in 2011-12 on the back of Disney's big stake
buy in UTV Software Communications, after sagging in the previous
year.
The
sector received Rs 32.64 billion of FDI during the year, 72
per cent more than in 2010-11. FDI in media and entertainment
industry in 2010-11 was Rs 18.87 billion and in 2009-10 Rs
23.40 billion.
The
marquee transactions during 2011 included Walt Disney Company’s
acquisition of an additional 41 per cent stake at a value
estimated to be over $300 million in UTV Software (which took
its shareholding in UTV to approximately 90 per cent), Providence
Equity Partners’ PE investment in UFO Moviez India ($58
million), and HSBC PE’s investment in Avitel Post Studioz
($60 million).
FDI
in teleport hubs, direct-to-home, cable networks, and multi-system
networks is proposed to be raised to 74 per cent from the
present 49 per cent if they undertake to upgrade and digitise
their systems with addressability.
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