The Indian government has approved 4 proposals of Foreign Direct Investment (FDI) based on the recommendation of the Foreign Investment Promotion Board (FIPB) last month. Companies which have received approvals from the FIPB are: BMJ Group lndia: has received approval for its business of printing, publishing and circulating scientific and technical magazines, journals, periodicals and other publications, but not any dealing with news and current affairs. Oxford University Press: got approval for setting up a wholly owned subsidiary in India. Over a period of time, Oxford University will make a foreign direct investment through subscriptions to compulsorily convertible preference shares, debentures and equity shares. Quintillion Business Media: has received approval for issuance of equity shares to Bloomberg LP. This is for the news and current affairs channel Bloomberg Quint. The broadcasting and telecom companies deferred by the government include: JC Decaux Advertising lndia: is a foreign owned company which provides out of home advertising, wanted to expand its business in the telecom sector as a telecom infrastructure service provider. Panacea Publishing: Sought an ex post facto approval for the share transfer between the non-resident entities. In a global restructuring exercise, the foreign investor Panacea Publishing International Limited, UK transferred its entire shareholding to its group company Panacea Media Limited, UK. Crest Premedia Solutions (CPSPL): had sought approval for issuance of equity shares to non-resident shareholders of Springer SBM Holding, a Mauritius company. SBM Holding would amalgamate into CPSPL, which is part of the Springer Group of companies. Scientific Publishing Services…
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