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With
the FIPB (foreign investment promotion board) approval,
Living Media is allowed to induct foreign equity up
to 26 per cent from UK-based Associated Newspapers Ltd.
Associated
Newspapers, which has reputed publications like The
Daily Mail, will bring in Rs 180.2 million as FDI for
launching a newspaper 'Mail Today.'
Living
Media and Associated Newspapers are setting up a joint
venture, Mail Today Newspaper Pvt. Ltd. This will be
engaged in the printing and publishing of daily newspapers
in the English language.
Living
Media's joint venture with Axel Springer of Germany
to bring out a magazine 'Auto Bild India' has also got
FIPB nod. Axel Springer will hold 49 per cent in the
JV company, Itas Media Pvt. Ltd. and is bringing in
Rs 26.6 million. The balance 51 per cent will be with
Living Media.
Meanwhile,
the government has deferred two proposals from B.A.G
Films and Media Ltd for induction of foreign investment
and equity.
Of
the two proposals by B.A.G, one was for induction of
foreign investment in a holding company having downstream
investment in the companies to be engaged in up-linking
news channels, non-news channels and FM Radio, and the
other was for induction of foreign equity by way of
issue of Foreign Currency Convertible Bonds (FCCBs)
in a holding company having downstream investment in
the companies to be engaged in up-linking news channels,
non-news channels and FM Radio.
B.A.G
Films is looking for raising $20 million through FCCBs.
Fidelity has also expressed interest to invest in the
company for which a FIPB approval is needed.
The
FIPB also deferred the proposal by Media Transasia India
Ltd for conversion of operating company into operating
cum holding company, for downstream investment in publication
of specialty magazine, and by South Asia Multi Media
Technologies Ltd, Mauritius for induction of foreign
equity in a company engaged in FM Broadcasting services.
The
FIPB approved a proposal by Gold Bid Ltd of Mauritius
for setting up 100 per cent WoS to be engaged in production
of contents and related software for television and
other media, involving foreign direct investment inflow
of Rs 100,000.
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