NEW DELHI: The Government has cleared a proposal by Big Showbiz Broadcast for induction of foreign equity of up to Rs 791.4 million.

Big Showbiz Broadcast was also allowed to convert the operating firm into an operating-cum-investing company to invest, from time to time, in other companies engaged in, or proposing to engage in, up-linking and down-linking of non-news and non-current affairs television channel and/or related activities.

The Finance Ministry, on the recommendation of the Foreign Investments Promotion Board (FIPB), also gave approval to a proposal of B4U Television Network for induction of foreign equity. The company had sought permission to get a foreign direct investment of Rs 360 million from an erstwhile OCB, in order to carry out the business of up-linking a non-news and current affairs TV channel.

The Finance Ministry also cleared a proposal by InMobiTechnologies for transfer of shares by way of share swap to carry out the business of developing software and licensing it to advertising network related business. It will not imply any physical inflow.

Meanwhile, Orissa-based MSO Ortel Communications got the nod to issue equity shares to NR to the extent that the foreign shareholding in the company post the issue shall remain within the ceiling of 49 per cent of its paid equity share capital.

Ortel is engaged in the business of building hybrid fibre coaxial (HFC) communications network to provide a range of telecom value added services such as high speed Internet access, cable television and basic telephony, e-commerce, and video conferencing.

Also, the proposal by G+J International Magazines GmbH, Germany, to increase foreign equity percentage to carry out the business of publication and sale of specialty and life style magazines was permitted with an FDI of Rs 215.4 million.

However, Dish TV‘s proposal was deferred. The DTH firm had asked permission for transfer of shares from NR to NR to carry out the business of telecommunication equipment and provide management and marketing of ‘agrani‘ services in the area of mobile satellite communications. 

Walt Disney Company‘s proposal to undertake the additional activity of broadcasting and downlinking was also deferred.

Proposals by UT Starcom India Telecom to undertake additional activity relating to Telecom/I&B sector; Financial Planning Corporation to undertake the additional activity of publishing specialty journal/magazines pertaining to various aspects of financial planning; and Fine Publishing India for induction of foreign equity to carry out the business of publishing specialty technical magazines covering the subject of wine and champagne were also deferred.

A proposal by IPFonline, for induction of foreign equity by way of downstream investment to carry out the business of publishing/printing of technical magazines/ periodicals/journals was also deferred.