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MUMBAI:
Mumbai-based broadband service provider Broadband Pacenet
(India) Pvt. Ltd has got FIPB (foreign investment promotion
board) clearance to induct UK-based private equity firm Ashmore
as a 74 per cent partner.
The
FIPB has cleared a foreign direct investment (FDI) proposal
of Rs 173.36 million.
Broadband
Pacenet has obtained government's nod to induct foreign equity
by way of subscribing to or acquisition of shares up to 74
per cent equity of the company, a formal note said.
Ashmore Investment Management, which manages a $30 billion
fund, has already taken a 49 per cent stake in Digicable Network,
a cable TV network that is spreading out pan India operations.
Meanwhile,
IBN18 Lokmat News Pvt. Ltd. has got FIPB approval to induct
foreign investment up to 13 per cent of the issued, subscribed
and paid up share capital including present indirect foreign
holding in the company by reason of foreign investments as
well as future foreign holding.
IBN18
Lokmat, a 50:50 joint venture between IBN18 (formerly Global
Broadcast News) and Lokmat, owns and runs a Marathi news channel.
In
a separate development, IBN18 Broadcast board has approved
to raise up to Rs 4 billion. The instrument for the fund raising
activity has not been firmed up yet. An extra-ordinary general
meeting would be held on October 1 to seek shareholders approval
for this purpose.
Earlier the IBN18 Broadcast board had approved a proposal
to raise up to Rs 6 billion through qualified institutional
placement (QIP). However the company did not raise that amount.
"We
are planning to raise Rs 4 billion. This will take care of
our fund requirement for expansion," says IBN18 joint
MD Sameer Manchanda.
IBN18,
which operates general news channels, has a joint venture
with Viacom and has launched a Hindi general entertainment
channel Colors.
The
FIPB has also allowed BBC Worldwide to undertake downlinking
and distribution of television channels in India.
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