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Mumbai firm gets Rs 1.2 bn FDI nod for food channel
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MUMBAI: Mumbai-based Turmeric Vision has got the FIPB (Foreign Investment Promotion Board) nod to induct foreign equity to the tune of Rs 1.22 billion for running a food television channel.

Turmeric Vision said it proposes to use the investments for originating, aggregating, distributing and operating the channel.

Hindustan Media Ventures (HMV), which publishes Hindi daily Hindustan, has marched a step forward towards its initial public offering (IPO). The company has got the FIPB approval to raise Rs 3.5 billion, for bringing in foreign investment from FIIs and venture capital funds.

Earlier, HMV's application was deferred by the FIPB.

Clear Channel Outdoor also got the government nod for issuing equity share warrants, to be converted into equity shares, for carrying out the business of outdoor media. The company has been allowed to ged FDI of Rs 400,000.

Clear Channel Outdoor has formed a joint venture in India with the Mudra Group and has launched OOH (out of home) specialist venture, Clear Channel Mudra.

Also, Universal Music India has got approval for downstream investment through partly paid shares. Mid Day Multimedia got approval to make an amendment in the FC approval.

Meanwhile, the finance ministry has once again deferred the proposal of Jagran Media Network for the induction of foreign equity into a company which does not have any operations and also do not have any downstream investments. Private equity firm Blackstone has agreed to invest Rs 2.25 billion in Jagran Media Network, which will hold 63 per cent in listed entity Jagran Prakashan Ltd.

The other deferred proposals include INX Media for making an amendment in the FC approval; Sea TV Network, Agra for induction of foreign equity to carry out cable networking operations; Zee Entertainment Enterprises Ltd for transfer of share by share swap; and Transcend Infrastructure Ltd for acquisition of 100 per cent equity to undertake the business of building towers, acquiring towers for securing management rights of towers for the purpose of leasing or licensing the shared use of these towers to communication and broadcasting.

Source: Indiantelevision.com

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