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Help FIPB defers proposals of Reliance Broadcast and B4U
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MUMBAI: The government has deferred the proposals of Reliance Broadcast Network and B4U Television Network to bring in foreign investments.

Reliance Broadcast Network, the Anil Ambani company that is engaged in FM radio broadcasting, had applied to the FIPB (Foreign Investment Promotion Board) for foreign investment through portfolio investments or private placement of equity up to 20 per cent.

In its application, Reliance had sought for the "induction of foreign investment by FIIs, NRIs by way of fresh allotment of shares by private placement or otherwise and/or investments through Stock Exchanges by way of portfolio investments, up to the limit of 20 per cent of the total aid up capital of the company."

B4U Television, on the other hand, is seeking for foreign capital from overseas corporate body (OCB). The broadcasting company, which runs a Hindi movie and a music channel, had applied for the "induction of foreign equity by an erstwhile OCB to carry out the business of uplinking a non-news and current affairs TV channel."

Meanwhile, the government has approved eight foreign investment proposals worth Rs 8.83 billion.

Source: Indiantelevision.com

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