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FIPB: Today Magazines, Compatel approved; INX Music and others deferred


The Indian government has approved 5 proposals of Foreign Direct Investment (FDI) valued at approximately Rs 2537.05 crore, based on the recommendation of the Foreign Investment Promotion Board (FIPB) last month.

The telecom and media companies which have received approvals from the FIPB are:

Today Magazines: India Today Group’s Today Magazines Lifestyle has received FIPB approval to get Rs 2.05 crore or a 49% investment from Cooperatief International Publications Holding via transfer.

Compatel India Pvt Ltd: Compatel has got an approval for foreign equity participation of 100% of Rs 2.40 crore. Compatel India’s proposal for foreign equity participation of 100% had been deferred, in April this year. The same proposal by the company had been deferred in March this year as well. Very little information is available about this Mumbai-based company, and it doesn’t seem to have a website either.

The broadcasting and telecom companies deferred by the government include:

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INX Music Private Limited: Music content aggregator and distributor INX Music Private Limited, proposed to undertake broadcasting of a non news and current affairs channels in Indian languages, and merge 9X Jhakaas Marathi Channel into INX Music Pvt Ltd. This proposal was also previously deferred by the FIPB earlier this year.

Eros International Media Limited: Its proposal to make a downstream investment by acquisition of shares of company (non cash consideration) in an unnamed company was deferred.

NTT Communications India: NTT’s proposal to make a downstream investment in an Indian company yet to be incorporated, for carrying out the telecom services, increasing foreign investment limit for FIIs, FPIs, etc. under the Portfolio Investment Scheme from 49% of its issued and fully paid up share capital to 74% has been deferred.

Reliance Globalcom: The company’s proposal to purchase GCX India Ltd, an Indian owned and controlled company has been deferred.

Sprint Telecom India Private Limited: Sprint’s proposal to increase the amount of foreign equity from Rs. 6.25 crores to Rs 9.62 crores has been deferred. Also, Sprint International holding Inc is looking to buy 13,00,260 shares (26%) of Sprint Telecom India Private Limited, which are currently held by Persistent Systems, and 1 share (0.01%) separately.

Chorus Call Inc: US-based Chorus Call’s proposal to increase its foreign equity from 74% to 100% in Chorus Call Conferencing Services India Private Limited engaged in providing services like transmission of voice, video and data has been deferred.

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Cheetah Communications Private Limited: Newly incorporated Cheetah Communications’s proposal to engage in internet and telecom related services in India, and increase its foreign equity to up to 100% by fresh issue of shares and share transfer from existing resident shareholders has been deferred.

Den Networks Limited: Den’s proposal to increase its foreign investment from 49% to up to 74% by FIIs, NRIs, FPIs, and other eligible foreign investors through route of Secondary Market/Open Market purchase has been deferred.

O-zone Networks Private Limited: O-zone’s proposal to up its FDI from the existing 33.33%, held by AL Telecom Holdings (India) Limited, Cyprus, to up to 100% from Ozone BV, Netherlands by purchase of equity share capital existing foreign and domestic shareholders has been deferred.

Image Credit: Flickr user Jake Rust

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