Network 18, Cellcast get FIPB nod

MUMBAI: Cellcast Interactive India and Network18 Media & Investment?s publishing business have got FIPB approval.

Cellcast has got the nod to set-up three Non-news and current affairs Television channels in Hindi, Tamil and TamilTamilu in India while Network 18?s publishing unit has got the permission to undertake additional business of publishing through court approval amalgamation.

Incidentally, the Foreign Investment Promotion Board had last month put the FDI proposal of both companies on hold.

The government has approved 22 FDI proposals worth Rs 5.86 billion.

Earlier Cellcast Asia Holdings Mauritius, which owns the India outfit, had raised $9.5 million from Vertex, a wholly-owned subsidiary of Temasek Holdings, while Canaan Partners had pumped in $5.25 million.

Cellcast Interactive India had launched a social TV channel MyTV, which is ad free but allows brand integration into the content.

The government also cleared Bangla Entertainment?s proposal to amend activities from ?Bengali language television channel? to ?non-news and current affairs television channels?.

Bangla Entertainment operates Channel 8 which was acquired by Sony Pictures Asia in 2009 and was renamed as Sony Aath.