| MUMBAI:
The Foreign Investment Promotion Board (FIPB) has given its approval to Travel
Channel International (TIC) UK, to set up a wholly-owned Indian subsidiary.
The FIPB has allowed
the US-based Cox Communications owned channel to undertake downlinking of non
news channel with initial foreign investments of Rs 42 million. Meanwhile,
as per media reports, Cox is looking to sell about 65 per cent of the channel,
and leading the race is Rupert Murdoch's News Corp. Among
the other proposals approved by FIPB are two from the Dainik Bhaskar Group. DB
Corp's proposal to increase foreign shareholding has got the nod. The company
intends to make an initial public offering (IPO), including an offer for sale
from existing promoters up to 26 per cent of post IPO paid up share capital. Dainik
Bhaskar Group's radio arm, Synergy Media, also got approval from the board to
increase the foreign shareholding, in order to carry out the activities relating
to FM radio broadcasting in various circles in India. Sahara
One Media and Entertainment Ltd got ex post facto approval for foreign investment
by NRIs and FIIs to carry out the activities relating to entertainment media,
and motion pictures. Meanwhile,
the FIPB board deferred UTV Software Communications' proposal to issue and allot
equity shares pursuant to the scheme of arrangement approved by the Bombay High
Court. It
also deferred a proposal from Out of Home Media (India) Pvt Ltd. This was for
"conversion of operating company into operating-cum-investing company"
and "to make downstream investments." | 
