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FIPB: Singtel Put On Hold; Emerald Group Publishing & Da Vinci GmbH Approved

The Indian government has approved 20 proposals of Foreign Direct Investment (FDI) valued approximately at Rs 915.83 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:

– Emerald Group Publishing (India) Pvt. Ltd: To carry out additional activities of publishing books (textbooks, handbooks and eBooks) and their supplements in India for universities, educational institutions, research centers and other corporate companies among others.

It has received an approval for an investment of up to Rs 12.37 crore for this initiative. Besides India, Emerald Group currently has a presence in Australia, China, Japan, Korea, Malaysia, Brazil, Dubai, Poland and USA.

Da Vinci GmbH, Berlin: To setup a wholly owned subsidiary which will carry out the down-linking and distribution of a non-news and non-current affairs edutainment channel. It has received an approval for an investment of up to Rs 5 crore for this.

Founded in 2007, Da Vinci currently operates two educational television channels – Da Vinci Learning (a general infotainment channel) and Da Vinci U (offers full length lectures across various topics from several universities). These channels are currently broadcasted in 12 localized versions across 29 countries like Malaysia, Thailand, South Africa, Czech Republic, Russia, Poland, Romania and others.

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Singtel On Hold: Singtel’s proposal to buy out its minority shareholders in Singtel Global (India) Pvt Ltd and increase its stake from 74% to 100%, has been temporarily postponed. The company had sought for an approval of an investment of up to Rs 2.98 crore. Indian government had permitted 100% Foreign Direct Investment (FDI) in telecom in July 2013. Last month, Vodafone Group had also submitted an application to the FIPB to buy out its minority stakeholders, including the 11% held by Piramal Healthcare.

Besides this, My Mobile Payments Ltd (MMPL) which operates the mobile money service Money On Mobile, has been directed by the Foreign Investment Promotion Board (FIPB) to raise Rs 58.91 crore through the automatic route. (More on this and MMPL’s financials).

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