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FIPB approvals for OUP & Bloomberg Quint; Netmagic & Flag deferred


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FDI

The Indian government has approved 4 proposals of Foreign Direct Investment (FDI) based on the recommendation of the Foreign Investment Promotion Board (FIPB) last month.

Companies which have received approvals from the FIPB are:

  • BMJ Group lndia: has received approval for its business of printing, publishing and circulating scientific and technical magazines, journals, periodicals and other publications, but not any dealing with news and current affairs.
  • Oxford University Press: got approval for setting up a wholly owned subsidiary in India. Over a period of time, Oxford University will make a foreign direct investment through subscriptions to compulsorily convertible preference shares, debentures and equity shares.
  • Quintillion Business Media: has received approval for issuance of equity shares to Bloomberg LP. This is for the news and current affairs channel Bloomberg Quint.

The broadcasting and telecom companies deferred by the government include:

  • JC Decaux Advertising lndia: is a foreign owned company which provides out of home advertising, wanted to expand its business in the telecom sector as a telecom infrastructure service provider.
  • Panacea Publishing: Sought an ex post facto approval for the share transfer between the non-resident entities. In a global restructuring exercise, the foreign investor Panacea Publishing International Limited, UK transferred its entire shareholding to its group company Panacea Media Limited, UK.
  • Crest Premedia Solutions (CPSPL): had sought approval for issuance of equity shares to non-resident shareholders of Springer SBM Holding, a Mauritius company. SBM Holding would amalgamate into CPSPL, which is part of the Springer Group of companies.
  • Scientific Publishing Services (SPSPL): sought approval for issuance of equity shares to the non-resident shareholders of Springer SBM Services Limited, a Mauritius company of SBM Services with SPSPL, pursuant to approval of the High Court.
  • Netmagic Solutions: sought approval to increase NTT Communications Corporation, Japan’s shareholding in the company from 81.63% to 100%.
  • Flag Telecom Singapore, which is an indirect wholly owned subsidiary of Reliance Communications India, sought approval to acquire 100% shares in Reliance Global Cloud Xchange, which was incorporated in June 2016 by Indian residents.

We’re not sure of what this means, but the following “proposals do not lie before FIPB”:

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  • Cyberplat lndia, a foreign owned company, sought approval to operate as a Bharat Bill Payment Operating Unit pursuant to the implementation of Bharat Bill Payment System Guidelines issued by the RBI. Cyberplat currently provides consumer payment processing services including prepaid and postpaid mobile, DTH, landline, utility, insurance, data card bill payments and domestic money transfer etc.

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