The Indian government has approved eight proposals of Foreign Direct Investment (FDI) valued approximately at Rs 696.23 crore crore based on the recommendation of the Foreign Investment Promotion Board (FIPB). Among the Internet, Mobile and Media companies which has received approvals from the FIPB include:
– Pilot Ventures Media: To induct 100% foreign equity to publish, market and distribute NME (New Musical Express) music magazine and the NME website in India. It has received an approval for an investment of up to 0.01 crore for this initiative.
– GeoPost S.A., France: To acquire shares of an Indian company which is in the business of commercial express and parcel delivery business segment. The company has received an approval for an investment of up to Rs 179.04 crore. Reports suggest that GeoPost is looking to pick up 40% stake in the courier company DTDC Couriers & Cargo, which owns an e-commerce logistics service DotZot.
– GETIT Infoservices: Helion Ventures backed GETIT Infoservices has received approval to increase the foreign equity stake in the company to carry out its specialty publishing business. The company has received an approval for an investment of up to Rs 216 crore. More on this here.
Among the Internet, Mobile and Media companies which were deferred by the government include:
– Telenor Mobile Communication, Norway: To increase its stake from 49% to 74% in the telecom sector. Last October, Telenor group had tied up with Lakshdeep Investments & Finance to create a new joint venture Telewings Communications, after Unitech exited from the Uninor JV.
– Tikona Digital Network: To increase the foreign equity participation in the telecom sector.
The Indian government also informed that it will separately inform the decision of Hubert Burda Media India’s proposal to set up a Wholly owned Subsidiary (WoS) of the Hubert Burda Media group in India, which will act as an operating and investing company and make downstream investment in the Indian company which prints and publishes magazines. Hubert Burda Media India had sought for an approval of an investment of up to Rs 7 crore.
Earlier this year, Burda Druck GmbH, which is a part of the Hubert Burda Media group, had acquired HT Media’s 51% stake in its joint venture HT Burda Media Ltd for Rs 60 crore. It claims to print more than 50 magazines, catalogs and brochures globally like as Elle, Playboy, Focus and Lisa, among others.
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