While there is no inflow of capital, Mobile advertising company InMobi has received an approval from India’s Foreign Investment Promotion Board to allow, according to a statement, “Transfer of shares by way of share swap to carry out the business of Developing software and licensing it to Advertising Network related business.” When contacted by MediaNama, InMobi founder and CEO Naveen Tiwari was non-committal, saying only “next week” in response. In case you know, do contact firstname.lastname@example.org
Other Internet, Media and Mobile approvals from the FIPB include the following:
Big Showbiz Broadcast Ltd: Induction of foreign equity and conversion of operating company into an operating cum investing company to invest, from time to time, in other companies engaged in, or proposing to engage in, up-linking and down-linking of non-news and non-current affairs television channel and/or related activities. The company has received an approval for an investment of up to Rs 79.14 crore.
Ortel Communications Ltd: To issue equity shares to NR to the extent that the foreign shareholding in the company post the issue shall remain within the ceiling of 49% of its paid equity share capital. The company is engaged in the business of building hybrid fibre coaxial (HFC) communications network to provide a range of telecom value added services such as High Speed Internet Access, Cable Television and Basic Telephony, E-Commerce, and Video Conferencing.
G+J International Magazines GmbH, Germany: To increase foreign equity percentage to carry out the business of publication and sale of speciality and life style magazines. A foreign investment of Rs 21.54 crore has been allowed.
Ybrant Digital Ltd: Ex post facto approval for issue of warrants to carry out the business of Software Development, IT and IT enabled services. An investment of Rs 45 crore has been allowed
B4U Television Network (India): Induction of foreign equity by an erstwhile OCB to carry out the business of up-linking a non-news and current affairs TV channel. An investment of Rs 36 crore has been allowed.
Proposals on which a decision has been deferred include:
– Fine Publishing India Pvt. Ltd., Delhi: Induction of foreign equity to carry out the business of publishing specialty technical magazines covering the subject of wine and champagne.
– IPFonline Ltd., Chennai: Induction of foreign equity by way of downstream investment to carry out the business of publishing/printing of technical magazines/ periodicals/journals.
– Cordia International Corp., USA: To increase shareholding from 49 percent to 74 percent to carry out the business of telecommunication and act as a services provider. Services include but are not limited to the provision of IP communication services and related services, technology related products and services, web hosting, collection and ISP services.
– Dish TV India Ltd: Transfer of shares from NR to NR to carry out the business of telecommunication equipment and provide management and marketing of ‘agrani’ services i.e. in the area of Mobile Satellite Communications.
– Walt Disney Company India Pvt. Ltd: To undertake the additional activity of Broadcasting and downlinking.
– Vodafone Essar Ltd: Transfer of shares from NR to NR to carry out the activities relating to Telecommunication
– Essar Capital Holdings (India) Ltd., Mumbai: Acquisition of equity shares by way of subscription to new equity shares and/or purchase of existing equity shares in an investing company engaged in the telecom sector.
– Hughes Communications India Ltd: To make downstream investment to carry out the activity relating to telecom sector.
– UT Starcom India Telecom Private Limited: To undertake additional activity relating to Telecom/I&B sector.
Among the proposals rejected include Verizon Communications’ proposal for Transfer of equity shares from non-resident shareholder to non-resident group in Telecom Sector.