| NEW
DELHI: BT Telecom India has been permitted by the government to change the status
of operating company into operating-cum-holding company to make downstream investments
of up to Rs 1.43 billion. This
is among the 23 Foreign Direct Investment proposals cleared by Finance Minister
P Chidambaram. This follows recommendations by the Foreign Investment Promotion
Board (FIPB) in its meeting held on 18 May. The approval amounts to Rs 4.18 billion.
The
proposals relate among others to telecommunications, and information and broadcasting.
TV
18 HSN Holdings Ltd. of Cyprus has been permitted to set up a 100 per cent subsidiary
to be engaged in the up-linking and broadcasting of a General entertainment and
infomercial television channel with an FDI/NRI inflow of Rs 2.1 million, while
INX Media Pvt Ltd. of Mumbai has been permitted induction of foreign equity up
to 46.216 per cent (FDI inflow of Rs 46.2 million) in a company engaged in uplinking
entertainment channel broadcasting. BBC
Worldwide Ltd. London has been permitted to freeze FII/NRI/FDI equity in the promoter
company Midday and corresponding reduction in foreign equity of BBC worldwide
in RMW, a company engaged in the business of FM radio, to conform to FDI sectoral
cap of 20 per cent in FM radio, without any fresh cash inflow.
Thomsons Holdings
B V of the Netherlands is to undertake activities of publishing/printing of books/IT
besides other activities through one additional subsidiary, without any fresh
cash inflow. Lintas
India Pvt. Ltd which is engaged in outdoor advertising, market research, direct
marketing, rural communications, PR and events will get induction of foreign equity
up to 51 per cent (inflow of Rs 2.075 million) from M/s. Inter-public Mauritius
Limited of Mauritius. | 
