FIPB defers Network18's proposal to get FDI for publishing biz

NEW DELHI: Network18?s proposal to get foreign direct investment (FDI) for publish business has been deferred by the Foreign Investments Promotions Board (FIPB).

The FIPB has also put on hold Cellcast Interactive India?s proposal to set up three non-news and current affairs television channels in Hindi, Tamil and Telugu in India. Recently, Cellcast launched social TV channel, MyTV.

In toto, FIPB has deferred five proposals relating to the Information and Broadcasting sector. Three of these relate to publishing. Apart from Network18 Media & Investment?s proposal, the others include Packt Publishing, Mumbai, to carry out the business of writing, editing, summarising, compiling, printing, publishing, buying, selling, importing, exporting, circulating or otherwise dealing in books publication and any other information or data pertaining to all areas and sectors such as computer and information technology; and Reed Elsevier India to undertake the additional activity relating to the business of publishing and co-publishing (in and outside India), including digital publishing, printing, reprinting, adaptation, article reprinting, repackaging, translation, distribution of scientific, technical, medical, specialty and research journals/magazines/periodicals in any media including print media.

Two proposals relating to television were also deferred. One was from Catvision Limited, Noida, to increase foreign equity participation to carry out the business of manufacture of CATV equipment, selling CATV equipment like dish antenna, other CATV equipment, cables, energy management equipment and repair of apparatus for television transmission, other business services.

The FIPB, however, approved the proposal from Fine Publishing India. The company has been permitted to induct foreign equity to the extent of Rs 500,000 to carry out the business of publishing specialty/technical magazines covering the subject of wine and champagne.

Jeevan Telecasting Corporation has been given permission for post-facto approval to ratify NRI investment but this does not involve any foreign direct investment.

However, in one case, the Ministry has reiterated an earlier decision. This relates to Wolters Kluwer for expansion of business by purchasing the assets of the companies engaged in business of publishing and distribution of journals and other publications in print form as well as in electronic form involving an FDI component of Rs 304.5 million.