Fortune may just be celebrating its 80th birthday in India by launching its local edition Fortune India.
It’s taken 3 years for Time Inc since it announced plans to launch the Indian edition of its business magazine (Mint, Sep 2007). The Time Warner company has finally received the go ahead from India’s Ministry of Information and Broadcasting to publish Fortune India here. The publisher appears to be a local firm called Business Media Pvt Ltd. In 2007, a partnership had been inked between the Anand Bazaar Patrika group and Time Inc to launch Fortune in India. (thanks for the input Gauri)
Earlier, the MIB had approved two international magazines – Spectator India and Forbes India to begin local editions. Forbes partnered with the Network18 group while the UK based Spectator, a news and current affairs magazine, chose Telegraph Publications Pvt Ltd.
The same conditions that were put for Spectator India have been issued to Fortune too, but with more detail:
Royalties – The company must take statutory approvals before entering into financial arrangements such as as royalty payments to Time Inc.
India Quota: The ministry has stated that at least 3/4th (70%) of the directors on the board of Indian company (Business Media Private Limited) as well as all key executives and editorial staff should be resident Indians. And the company should also receive a clearance from the ministry before hiring any non-Indian employee as a director, key executives, editorial staff on its rolls or even consultants, for security purposes. It should intimate the ministry if there are any changes in the composition of resident Indian Directors, key executives and editorial staff.
Inspection & Submission: Fortune India offices shall remain open to Government agencies for inspection. The Indian office will have to supply copies of every issue of Fortune India to the Director of Research Reference & Training Division as well as the Director (IP) at the ministry.