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MUMBAI:
Cinema Capital Venture Fund (CCVF) has got the FIPB (foreign
investment promotion board) nod to bring in Rs 500 million
as part of its fund-raising programme to build a corpus of
Rs 7.5 billion for supporting financing needs of film companies.
CCVF
had applied to the FIPB to get approval for a fund inflow
in the region between Rs 500 million and Rs 2 billion, says
the company's promoter Samir Gupta.
The
induction of foreign investments will be in units of an Indian
venture capital fund scheme, organised as a trust and registered
under the Securities and Exchange Board of India (Sebi).
"We
plan to raise foreign capital only after the general elections,"
says Gupta.
CCVF
had earlier kicked off its second round of fund-raising activity
in India. The first Sebi-registered film venture capital fund
had mopped up Rs 1.75 billion late last year, but is yet to
invest in any projects.
CCVF
is planning to raise Rs 5 billion with a greenshoe option
of Rs 2.5 billion at a time when markets across the world
are hit by financial woes.
Meanwhile,
Mumbai-based What’s On India Media has been permitted
by the Finance Ministry to hold a television channel licence
for uplinking a non-news and current affairs channel from
India. The proposal does not envisage any fresh inflow of
foreign direct investment.
The
FIPB has also approved the proposal by Reed Infomedia (I)
Pvt. Ltd. to publish additional magazines, without any fresh
inflow of FDI.
Broadband
Pacenet's proposal for induction of foreign equity up to 74
per cent has, however, been deferred. UK-based private equity
firm Ashmore Investment Management Ltd, which has acquired
49 per cent stake in Digicable Network, plans to pick up 74
per cent in Broadband Pacenet. The promoters of Broadband
Pacenet also run Digicable, which has set up a pan India presence
in cable TV operations.
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