NEW DELHI: The Finance Ministry has deferred any decision on a proposal by Multi Screen Media for induction of foreign equity to carry out the business of production of television programmes in India languages.

The proposal was primarily for export, sale and distribution of Indian language audio visual production and downlinking of certain TV channels.

On the advice of the Foreign Investments Promotions Board (FIPB), the Government also deferred a proposal by Wire and Wireless (India) Limited (now known as Siti Cable) to issue warrants to carry out the business of cable network business.

NEW DELHI: PVR Leisure Limited has received approval from the Foreign Investment Promotion Board (FIPB) to receive Rs 501 million as equity investment from a foreign private equity investor.

The foreign private equity investor is L Capital Eco with whom PVR had signed a definitive agreement for investing the amount in PVR Leisure and another Rs Rs 577 million in PVR Ltd, a film exhibition company.

The private equity investor L Capital Eco is a Mauritius-registered subsidiary of L Capital Asia LLC, the Asian private equity business sponsored by global luxury goods retailer LVMH.

As per the agreement with L Capital, PVR Leisure will house in-mall entertainment, gaming, food and leisure businesses. PVR has still not announce how much stake L Capital will get in PVR Leisure.

PVR will be transfering its holding in PVR bluO Entertainment Ltd to PVR Leisure.

The FIPB also considered a proposal from Multi Screen Media Pvt Ltd (MSM), the owners of Sony Entertainment Network, for induction of foreign equity into the company to carry out the business of production of television programmes in Indian languages primarily for export, sale and distribution of Indian language audio visual production, and downlink of certain TV channels.

The FIPB, however, decided to ?communicate separately? its decision on MSM?s proposal.

The FIPB said it will also communicate separately its decision on a proposal from Wire and Wireless India Ltd (WWIL) (now renamed Siti Cable) to issue warrants for bringing in foreign equity investment for its cable TV network business.

NEW DELHI: The Finance Ministry has rejected Hyderabad based VIL Media?s proposal to raise funds for a news and current affairs channel.

The Foreign Investment Promotion Board (FIPB) rejected the proposal filed by the company for induction of foreign equity to carry out the business of uplinking news and current affairs television channel.

Meanwhile, the Ministry said Pared Media and Entertainment?s proposal does not require any post facto approval since the company has deleted all reference to broadcasting. 

The company had sought post facto approval for induction of foreign equity to carry out the business of film production and distribution of films, cinemas, motion pictures, television entertainment, animation and internet portals.

The proposal involved foreign direct investment/non resident Indian inflows of Rs 19.1 million ($3.96 million), which has already been received.

NEW DELHI: Network18?s proposal to get foreign direct investment (FDI) for publish business has been deferred by the Foreign Investments Promotions Board (FIPB).

The FIPB has also put on hold Cellcast Interactive India?s proposal to set up three non-news and current affairs television channels in Hindi, Tamil and Telugu in India. Recently, Cellcast launched social TV channel, MyTV.

In toto, FIPB has deferred five proposals relating to the Information and Broadcasting sector. Three of these relate to publishing. Apart from Network18 Media & Investment?s proposal, the others include Packt Publishing, Mumbai, to carry out the business of writing, editing, summarising, compiling, printing, publishing, buying, selling, importing, exporting, circulating or otherwise dealing in books publication and any other information or data pertaining to all areas and sectors such as computer and information technology; and Reed Elsevier India to undertake the additional activity relating to the business of publishing and co-publishing (in and outside India), including digital publishing, printing, reprinting, adaptation, article reprinting, repackaging, translation, distribution of scientific, technical, medical, specialty and research journals/magazines/periodicals in any media including print media.

Two proposals relating to television were also deferred. One was from Catvision Limited, Noida, to increase foreign equity participation to carry out the business of manufacture of CATV equipment, selling CATV equipment like dish antenna, other CATV equipment, cables, energy management equipment and repair of apparatus for television transmission, other business services.

The FIPB, however, approved the proposal from Fine Publishing India. The company has been permitted to induct foreign equity to the extent of Rs 500,000 to carry out the business of publishing specialty/technical magazines covering the subject of wine and champagne.

Jeevan Telecasting Corporation has been given permission for post-facto approval to ratify NRI investment but this does not involve any foreign direct investment.

However, in one case, the Ministry has reiterated an earlier decision. This relates to Wolters Kluwer for expansion of business by purchasing the assets of the companies engaged in business of publishing and distribution of journals and other publications in print form as well as in electronic form involving an FDI component of Rs 304.5 million.

NEW DELHI: The Foreign Investment Promotion Board (FIPB) has permitted Oxigen Services (India), Gurgaon, induction of Rs 10.6 million in foreign direct investment or non-resident India inflow for carrying out various businesses including providing B2B services like mobile, direct-to-home (DTH) TV, and broadband recharges.

The government also approved the proposal by Alliance Data, Singapore, to undertake the additional business of publishing and printing an Indian edition of a foreign specialty magazine. This will not entail any additional FDI.

The Finance Ministry has deferred the proposal of Catvision Limited, Noida, to increase foreign equity participation to carry out the business of manufacture of CATV equipment, selling CATV equipment like dish antenna, other CATV equipment, cables, energy management equipment and repair of apparatus for television transmission and other business services.

It has also deferred post-facto approval to ratify the NRI investment by Jeevan Telecasting Corporation Ltd.

Two other proposals deferred are that of Fine Publishing India for induction of foreign equity to carry out the business of publishing specialty technical magazines covering the subject of wine and champagne, and that of Reed Elsevier India to undertake the additional activity relating to the business of publishing and co-publishing (in and outside India), including digital publishing, printing, reprinting, adaptation, article reprinting, repackaging, translation, distribution of scientific, technical, medical, specialty and research journals/magazines/periodicals in any media including print media.