03-30-2010, 09:33 AM
New Delhi, Mar 29 (PTI) The government today said Star India has withdrawn a Rs 325-crore proposal to hike stake in DTH joint venture with Tatas, Tata Sky.
According to the Foreign Investment Promotion Board FIPB), Star India and its affiliates had proposed to acquire 49 per cent stake in investment vehicle TS Investments, which would then buy further stake in DTH firm Tata Sky for a total consideration of Rs 324.59 crore.
"The proposal has been withdrawn by the applicant," a FIPB statement said.
When contacted, Star India spokesperson declined to comment.
Currently, Star -- subsidiary of Rupert Murdoch-owned News Corp, has 20 per cent stake in Tata Sky, the maximum permissible under the FDI norms for the DTH sector. Tata group holds 70 per cent stake, while Singapore-based PE firm Temasek holds the remaining 10 per cent as a foreign institutional investor.
Source: PTI News
According to the Foreign Investment Promotion Board FIPB), Star India and its affiliates had proposed to acquire 49 per cent stake in investment vehicle TS Investments, which would then buy further stake in DTH firm Tata Sky for a total consideration of Rs 324.59 crore.
"The proposal has been withdrawn by the applicant," a FIPB statement said.
When contacted, Star India spokesperson declined to comment.
Currently, Star -- subsidiary of Rupert Murdoch-owned News Corp, has 20 per cent stake in Tata Sky, the maximum permissible under the FDI norms for the DTH sector. Tata group holds 70 per cent stake, while Singapore-based PE firm Temasek holds the remaining 10 per cent as a foreign institutional investor.
Source: PTI News
