GETIT permitted to bring in Rs 216 crore FDI for specialty publishing

NEW DELHI: GETIT Infoservices has been permitted to bring in a sum of Rs 216 crore by way of Foreign Direct Investment (FDI) or Foreign Institutional Investment (FII) to increase foreign equity percentage by way of acquisition/fresh issue of shares to carry out the business of specialty publishing.
 
The Foreign Investments Promotion Board also cleared the proposal by Pilot Ventures Media, New Delhi to bring in Rs 100,000 by way of induction of 100 per cent foreign equity to carry out the business of publishing, marketing and distributing NME music magazine and NME music website

The Finance Ministry announced that it will communicate separately its decision to Hubert Burda Media India which has sought Rs seven crore as WoS of a foreign company to act as an operating-cum-investment company and to make downstream investment in an Indian company engaged in printing and publishing of magazines.