Network18’s proposal to get foreign money for publishing biz deferred

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.

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