Indrani Mukerjea's INX Media gets FM's nod for FDI

New Delhi, May 31 (UNI) Indrani Mukerjea-promoted INX Media has been allowed induction of foreign equity of up to 46 per cent, amounting to investment of Rs 4.62 crore.

The Mumbai-based company is scheduled to launch television channels in general entertainment and music genre this year. Its sister company, INX News, also promoted by her, is expected to launch an English news channel this year. Vir Sanghvi had been appointed the CEO of INX News.

This is one of the 23 proposals of foreign direct investments (FDIs) which were approved today by Union Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board (FIPB). The approved proposals envisage a total foreign direct investment (FDI) of Rs 418.33 crore.

Besides INX Media, other media-related FDI proposals cleared by the FM relates to Cyprus-based TV-18 HSN Holdings Ltd and London-based BBC Worldwide Ltd.

While the TV-18 company has been allowed to set up a wholly-owned subsidiary for uplinking and broadcasting a general entertainment and infomercial television channel, BBC Worldwide's equity in Mumbai-based Mid-Day has been freezed and its equity in RMW, a company in the FM radio business, reduced to conform to FDI sectoral cap of 20 per cent. However, no fresh inflow of capital is involved in the approvals granted to BBC Worldwide, an official statement said.

French fashion house Christan Dior Couture has been permitted single brand retailing under the brand name of "Dior" with FDI induction of up to 51 per cent equity.

Investment of up to 16 per cent of FDI in the Bombay Stock Exchange, which recently became a public limited company, too, has been given the green signal. Bharat Earth Movers has been allowed to sell up to 20 per cent equity to NRIs and FIIs registered with Security and Exchange Board of India (SEBI), the statement added.

UNI