The Rupert Murdoch-owned Wall Street Journal may be India soon, though in a facsimile version.
Dow Jones has received approval from the foreign investment promotion board (FIPB) to launch the fax edition here. Twice before, FIPB had turned down the Dow Jones application.
The approval for Dow Jones is a not a blanket one. The policy on approving foreign investment in facsimile editions of foreign newspapers is still under debate.
As per current policy, foreign investment in allowed in Indian news media only up to 26%. The rest of the stake and the management has to vest with Indian hands.
In 2004, Dow Jones and the Times Group had signed an agreement to launch The Wall Street Journal in India in a 26:74 joint venture, with Bennett & Coleman holding the majority stake. Indian journalist Suman Dubey was to be the editor of the venture. The plans, however did not take off.
It is not clear when the WSJ facsmile edition for India will be launched. The edition will, clearly, not have any local advertisements. The product will be fully owned by Dow Jones Inc.