NEW DELHI: The Government has approved a proposal by Nickelodeon Asia Holdings Pte. Ltd. (Nick Asia), a company incorporated in Singapore, to acquire 50 per cent equity interest in Prism TV Private Limited, a company incorporated in India.Involving foreign direct investment of Rs 940.5 crore, the acquisition is from Shinano Retail Private Limited, one of Prism's shareholders.
Following the clearance by the Foreign Investments Promotion Board (FIPB), approval has been given to Eros International Media Limited for making downstream investment by way of acquisition of shares of an Indian company for non-cash consideration, that is, by issuance of shares of the applicant company to the existing shareholders of the investee company. This does not involve any foreign investment.
Meanwhile, permission has been denied to INX Music having 70.85 per cent indirect foreign investment to undertake the additional activity of broadcasting of a non-news and current affairs channels in various Indian languages.
The proposal was that the 9X Jhakaas Marathi Channel shall be merged into INX Music Pvt Ltd.
The Finance Ministry has deferred a decision on proposals by two multi system operators. Hathway Cable and Datacom Limited has sought approval for increasing foreign investment limit for FIIs, FPIs, etc. under the Portfolio Investment Scheme from 49 per cent of its issued and fully paid up share capital to 74 per cent.
Den Networks had also sought approval for increase in foreign investment limit beyond 49 per cent and up to 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of Secondary Market/Open Market purchase.
