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FIPB: Sprint International, INX Music and Insight Media City deferred

The Indian government has approved twelve proposals of foreign direct investment amounting to Rs 1827.24 crore approximately, based on the recommendation of the Foreign Investment Promotion Board last month.

The government also deferred twelve proposals of FDI based on FIPB recommendations. The internet, publishing and mobile companies companies deferred by the government include:

Sprint International Holding: The FIPB has deferred the US based telecom company Sprint from increasing its foreign equity participation in Sprint Telecom India from 74% to 100% through a combination of fresh issue of shares and purchase of shares from resident shareholders.

Sprint had previously received approval from the FIPB to induct foreign equity into an Indian company to  provide wireline-based national long distance, international long distance and Internet services as well as advanced managed network services to companies operating in India, back in November 2011. In April the same year, the company had entered into a joint venture with Persistent Systems to enter the Indian market.

INX Music: Music content aggregator and distributor for TV channels INX Music’s proposal to undertake additional broadcast activity of a non-news and current affairs channel has been deferred. The company currently has 70.85% indirect foreign investment.

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Launched in 2007, INX Media started with a general entertainment channel 9X, a music channel 9XM and a news channel News X. News X was later acquired by Indi Media Network in January 2009 and sold to ITV Media in July 2012. 9X was also sold to Zee Entertainment in June 2010. In 2013, New Silk Route (NSR) was in talks with other firms and strategic investors to divest its entire stake in 9X Media

Insight Media City: Insight, which was incorporated in March 2013, has received an inward remittance of Rs 2,40,00,052.05 from Alungal Mohammad, an NRI, and shares are to be allotted to the investor post FIPB approval. Currently Insight Media City (IMC) is entirely held by resident Indian, and on approval 17.379% of the total share capital will be held by Mohammad with the rest 82.621% held by resident Indians.

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