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FIPB defers Raghav Bahl-owned firm’s proposal to sell equity to Bloomberg
MUMBAI: The Foreign Investment Promotion Board (FIPB) has deferred the foreign direct investment (FDI) proposal of Raghav Bahl-promoted Quintillion Business Media to sell equity to Bloomberg LP for launching an English business news channel Bloomberg Quint and operating the related digital content platform.
The two companies had entered into a partnership encompassing broadcast, digital and live events across India serving business and financial news.
As reported earlier by TelevisionPost.com, Bahl will hold 74% stake in the joint venture while Bloomberg will own the balance 26%
The company’s proposal was on the FIPB agenda in its 237th meeting held on 12 July. The government had approved only one FDI proposal in that meeting.
“Approval has been sought for the issuance of equity shares to Bloomberg L.P. The investee company is proposed to be engaged, inter alia, in the uplinking and broadcasting of a business news television channel and operating the related digital content platform in India,” as per the gist of the proposal.
Quintillion Business Media was incorporated on 12 December 2015. Its authorised share capital is Rs 51.59 crore (Rs 515.9 million) and its paid-up capital is Rs 100,000. Raghav Bhal and his wife Ritu Kapur are directors of the company.
Quintillion Media and Bloomberg had entered into a new agreement commencing 1 April. As per the agreement, BloombergQuint will harness the global resources of Bloomberg with Quintillion Media’s deep market experience, to create a revamped business news channel and digital destination for India’s growing business audience.
Meanwhile, the government has said that Turmeric Vision’s proposal for post facto approval for contravention of the foreign equity of 80% as approved vide approval letter of even no. FC II 60(10)/91(2010) dated 14.06.2010 did not lie before the FIPB.
In Turmeric Vision’s case, there is no need for the FIPB to examine the matter as it is deregulated now. Turmeric Vision is the company which owns and operates FoodFood channel. Founder-promoter and celebrity chef Sanjeev Kapoor and Sandeep Goyal’s Mogae Consultants will be able to go ahead with their proposed plan to buy out Malaysia-based Astro’s stake in Turmeric Vision.
Tikona Digital Networks’ proposal for the issuance of compulsory convertible debentures (CCD) to increase foreign equity to 76.73% has been deferred.