DISCOVERY COMMUNICATIONS, TV 18 GET FIPB APPROVAL
Article Abstract:
A number of projects in information and broadcasting sector (I&B) including Discovery Communications and TV 18 were approved by the Foreign Investment Promotion Board (FIPB) on September 5, 1998. These proposals were pending since a long time. Of the 42 applications, 35 cases were recommended by FIPB which also approved an amount of Rs2,400 crore. I&B has informed Department of Industrial Policy and Promotion (DIPP) that companies producing software (programming) in information and broadcasting segment could have a maximum foreign equity of 74 percent. Accordingly, TV 18 is allowed to enhance its foreign equity level from 20 to over 40 percent while Discovery has been allowed to bring in funds and in turn enhance its performances. Apart from these, applications of South Asia Software Exports Ltd (SASEL) and Millitoon Animation Private Ltd (MAPL) were also approved. (um)
Comment:
Number of projects in I&B sector incl this co & Discovery Commun are approved by Foreign Investment Promotion Board
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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ADHIKARIS UP STAKE IN SAB TO 60%, PUMP IN Rs7.75 CR
Article Abstract:
The promoter's stake in Sri Adhikari Brothers Television Network Ltd (SAB) has been increased from 40 percent to 60 percent. The promoters have subscribed to 25 lakh warrants at a cost of Rs7.75 crore at a 15 percent premium to the current market price. The warrants are convertible at a cost of Rs31 each compared to the closing price of Rs27.25 on the Bombay Stock Exchange. The equity capital of SAB will increase from Rs5 crore to Rs7.5 crore following the conversion. The returns from the warrants issue will be used for expansion and development of new programme software and a new floor studio for in-house purpose. SAB is likely to post sales of Rs27 crore and net profit of Rs5 crore for 1997-98. The company plans to produce 500 hours of entertainment software annually. It exports Hindi software to Sri Lanka, Malaysia and Bangladesh. (gsh)
Comment:
Promoter's stake in the television network has been increased from 40% to 60%
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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STAR, MITTALS IN TALKS FOR DTH JOINT VENTURE
Article Abstract:
STAR TV and the Mittals of Hughes Ispat are holding talks on a joint venture for setting up direct-to-home (DTH) service in India at STAR's office in Hong Kong. The Information and Broadcasting Ministry of the Government of India recently announced that the direct-to-home service would not be bound by the broadcasting policy and its ban would be lifted soon. Both the companies may have equal stake in the joint venture. STAR operates the direct-to-home service in the name of Sky. Hughes Ispat has been permitted to operate global mobile satellite telephone and the diversification into the direct-to-home service will help it. The Ministry plans to regulate direct-to-home services. (rk/kvr)
Comment:
STAR TV and the Mittals of Hughes Ispat are holding talks on a joint venture for setting up direct-to-home (DTH) service in India at STAR's office in Hong Kong.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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