Reliance Capital will pick up 18% stake in Bloomberg UTV, the business new TV channel. Bloomberg UTV – a strategic partnership between financial news behemoth Bloomberg and the founders of UTV – is not a listed entity like it’s sister concern UTV Software. The announcement clearly specifies that once approvals are received, Bloomberg will own 15% in the company, 18% by Reliance Capital and the remaining 67% will be owned by the promoter group of UTV (Unilazer Exports and Management Consultants Ltd, Unilazer (Hong Kong) Ltd?).
FIPB Approval For UTV News Ltd
Remember that there’s a 26% cap on foreign direct investment (in case of Bloomberg) in the news media in India. While we’ve never received an explicit clarification on which entity Bloomberg is investing in, it is widely believed to be UTV News Ltd. A few days ago, UTV News Ltd received an approval from India’s Foreign Investment Promotion Board, allowing it to raise Rs. 0.34 crore for the “Induction of foreign equity to carry out business of up-linking and broadcasting a news and current affairs TV Channel”
Reliance Capital’s investment is a financial one – it has investments in Network18 properties and the TV Today network.