|
MUMBAI/NEW
DELHI: Star India has got the FIPB (foreign investment promotion
board) nod to get foreign investments for the launch of its
home shopping channel.
Star
has entered into a joint venture with CJ Home Shopping Co
of Seoul. The JV company is called Star CJ Network India.
Star
CJ Network has been permitted to invest up to 100 per cent
to undertake the creation of television channels for the purpose
of broadcasting and for distribution through media platforms.
Star
India's Paritosh Joshi is tipped to head the home shopping
network. While Star will run the channel, CJ Home Shopping
will provide backend support.
Network18 already runs Home Shop18 and recently private equity
firm Saif Partners increased its stake to 35 per cent following
a fresh capital infusion of $16 million. In the first round,
Saif Partners invested $10 million to take a 25 per cent stake
in Home Shop18.
Meanwhile, Asianet Communications, which owns a clutch of
regional channels including Asianet, has got the FIPB approval
to undertake de-merger and transfer of shares by way of share
swap without any fresh cash inflow.
Balaji
Telefilms has also been given Ex-post facto approval for conversion
of operating company into an operating cum holding company
to make downstream investment which does not involve any fresh
inflow.
The
government, however, has deferred the proposal by World Space
India to provide/undertake the activities of web based services.
|
