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FIPB defers Raghav Bahl-owned Quintillion Business Media’s FDI proposal
MUMBAI: On a day it cleared foreign direct investment (FDI) worth Rs 290 crore (Rs 2.9 billion), the Foreign Investment Promotion Board (FIPB) has deferred the FDI proposal of Raghav Bahl-promoted Quintillion Business Media.
The company had sought approval for the issuance of equity shares to Bloomberg. The investee company is proposed to be engaged in the uplinking and broadcasting of a business news television channel and operating related digital content platform in India.
The two companies had entered into a partnership encompassing broadcast, digital and live events across India serving business and financial news. The business news channel has been named BloombergQuint.
Quintillion Media and Bloomberg had entered into a new agreement commencing 1 April. As per the agreement, BloombergQuint will harness the unrivalled 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.
Quintillion Business Media’s FDI proposal has been deferred by the FIPB for the second time.
The FIPB has also deferred The Financial Times India’s proposal for (i) transfer of 99.99% of The Financial Times (India) Pvt Ltd, to Falstaff Singapore Pte Ltd, currently held by Pearson, Singapore, for an aggregate consideration of SGD 1 (ii) Transfer of 1 share of The Financial Times (India) Pvt Ltd to Falstaff Singapore Pte Ltd, currently held by Pearson, Amsterdam, and (iii) Transfer of entire shareholding of Falstaff Singapore Pte Ltd to Nikkei Inc, currently held by Pearson, Amsterdam.
It has cleared Haymarket SAC Publishing India’s approval for the take-over the publication of the specialty magazine ‘Print Week’ from Haymarket Media (India), its sister concern. The company also published media and advertising magazine Campaign India.
Tikona Digital Networks’ FDI proposal worth Rs 267 crore (Rs 2.67 billion) seeking approval for the issuance of CCDs, which increases foreign equity to 76.73%, has also been approved.