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MUMBAI:
UTV Software and Communication has got the government nod
to raise Rs 4 billion via foreign currency convertible bonds
(FCCB) and induction of foreign direct investment (FDI) in
the company engaged in up-linking of non-news and current
affairs channels.
This
was one of 34 proposals fnance minister P Chidambaram approved
for foreign direct investment (FDI) worth Rs 22.88 billion,
based on the recommendations of the Foreign Investment Promotion
Board (FIPB) in its meeting held on 18 January.
Among
these is one for induction of foreign equity in B.A.G Films
and Media by way of issue of FCCBs for Rs 400 million and
Rs 20.5 million through FDI in a holding company having downstream
investment in the companies to be engaged in up-linking news
channels, non-news channels and FM Radio.
The
government has also given its nod to NDTV Networks Plc, London,
for conversion of operating company into operating-cum-holding
company for making downstream investments to the tune of Rs
193.8 million.
Subhash
Chandra’s DTH service Dish TV has also got the FIPB clearance
for induction of foreign equity worth Rs 2.5 million by way
of issue and allotment of shares and warrants convertible
into shares within a period of 18 months.
A
proposal by Vijay Television Pvt Ltd of Chennai for increase
in paid up capital of approximately Rs 340 million and to
undertake the activities of up-lining of non-news and current
affairs television channels was also approved.
Another
by Media Transasia India for conversion of operating company
into operating cum holding company for downstream investment
in publication of specialty magazines without involving any
fresh cash inflow has also been approved.
Other
approvals include You Broadband Networks India Pvt Ltd for
change in the status of operating company into an operating
cum holding company for making downstream investments up to
49 per cent in a company engaged in cable network business
not involving fresh cash inflow and that of Russell Square
Holding BV, Netherlands, for induction of foreign equity up
to 90 per cent involving Rs 81.7 million in a company engaged
in event management activities.
Meanwhile,
Chidambaram rejected a proposal by Thuraya Satellite Telecommunications
Company, PJSC of the United Arab Emirates to set up a joint
venture with a foreign equity of up to 74 per cent to undertaken
the activities of offering satellite-based mobile services.
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