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100% FDI in non-news journals
FDI in the media in India gets another boost, as government allows investment in non-news publications
up to 100 per cent
BY OUR MEDIA CORRESPONDENT
2 June, 2005: The doors for foreign print publications to India is opening wider and wider. The Union Government has decided to increase the Foreign Direct Investment limit in companies publishing non-news category publications to 100 per cent.
The existing cap of 74 per cent was set by the previous NDA government, when it decided to open print media to foreign players.
This means the Indian stands would be swarmed by non-news scientific, technical, speciality magazines , periodicals and journals.
The move, coming at a time when the government is under increasing pressure both for and against a move to allow foreign institutional investors to invest in Indian newspaper companies, indicates which way the wind is blowing.
In other words, this is an indicator that the government just may not be able to protect the interest of a few domestic media companies and shut the doors on foreign investment in media for ever.
In cases where both FDI and FII investments are planned, publishing firms would have to take the consent of Foreign Investment Promotion Board or the Reserve Bank, after necessary clearance from the Information and Broadcasting Ministry. For portfolio investments, the RBI can be approached directly after obtaining NOC from I&B ministry.
BY OUR MEDIA CORRESPONDENT
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