Tikona Digital permitted to bring in over Rs 250 crore as foreign direct investment

NEW DELHI: The Finance Ministry has cleared a proposal of M/s Tikona Digital Networks Pvt Ltd for the issuance of CCDs thereby increasing foreign equity to 76.73%.

This will involve Foreign Direct Investment of Rs 267 crore, according to the approval by the Foreign Investments Promotion Board in its 238th meeting.

The Ministry approved the proposal by Haymarket SAC Publishing (India) Private Limited for the take over the publication of the specialty magazine "Print Week" from Haymarket Media (India) Private Limited, its sister concern as it does not involve any foreign direct investment.

The Ministry deferred decision on a proposal by Quintillion Business Media Private Limited seeking approval for the issuance of equity shares to BLOOMBERG L.P. The investee company is proposed to be engaged inter alia in the uplinking and broadcasting of a business news television channel and operating related digital content platform in India.

It also deferred a proposal by The Financial Times (India) Private Limited for transfer of 99.99% of The Financial Times (India) Private Limited to Falstaff Singapore Pte Ltd, currently held by Pearson, Singapore, for an aggregate consideration of SGD 1; transfer of one share of The Financial Times (India) Private Limited to Falstaff Singapore Pte Ltd, currently held by Pearson, Amsterdam; and transfer of entire shareholding of Falstaff Singapore Pte Ltd to Nikkei Inc, currently held by Pearson, Amsterdam.

The Ministry deferred a proposal by M/s Idea Cellular Infrastructure Services Limited (ICISL) to take on record the increase of foreign investment in ICISL beyond 50% and allow foreign investment in ICISL up to 67.5%.

The Ministry noted that ICISL is a wholly owned subsidiary of IDEA which has become a foreign owned company with more that 50% foreign investment. Accordingly, ICISL is also deemed to have foreign investment in excess of 50% as a mirror image of its parent company.

A proposal by M/s BT Global Communications (Mauritius) Limited to acquire remaining 26% equity and preference share capital of M/s BT Telecom India Private Limited (Investee Company) from M/s Jubilant Stock Holding Private Limited, which will result in increasing its shareholding in the investee company from 74% to 100% was also deferred.

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