FIPB clears Jagran TV, Bloomberg's FDI proposals

MUMBAI: The Foreign Investment Promotion Board (FIPB) has cleared Jagran TV and Bloomberg's foreign investment proposals.

Jargan TV proposal entailed offloading around 25.7 per cent stake in the news television venture to the Mauritius-based New Vernon Bharat Ltd,which is a fund.

The company had applied to the FIPB for approval of the deal worth approximately Rs. 300 million.

Jagran TV, part of the Kanpur-based Jagran group, has started a TV news channel with an initial investment of about Rs. 700 million.The channel is operated under the brand name Channel 7.

Contacted by over phone, Jagran TV's director Siddharth Gupta confirmed that the development.

Jagran and Bloomberg were amongst the 19 proposals, worth about Rs. 4,450 million, cleared by the FIPB for the finance minister's final approval.

In case of Bloomberg, FIPB cleared the proposal to set up a wholly-owned subsidiary for starting up a television software operation in India. Bloomberg is active in providing financial information and services via terminals. It also runs a TV channel under the brand name Bloomberg TV.

Bloomberg' s proposed subsidiary would produce and distribute television programmes related to business and financial news in English to Indian television channels.

Bloomberg proposes charge its new Indian entity $300,000 in the first year of operations towards technical services fee. Consequently, the company will charge it $100,000. Furthermore, Bloomberg may also charge the Indian arm for access to Bloomberg data, news and other facilities.

The new Indian entity will also build and operate a data screen in the style used by Bloomberg in its international television operations.

The Bloomberg datascreen, which is generated by a proprietary software application, when connected to the feed of Bloomberg market data and news, populates a display area allowing viewers to see the data and video programmes on a unique screen.

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