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FIPB defers Snapdeal’s proposal to acquire stake in tele shopping JV with DEN
MUMBAI: The Foreign Investment Promotion Board (FIPB) has once again deferred Jasper Infotech’s proposal for making downstream investment in Macro Commerce by purchasing 50% stake in the company from multi-system operator (MSO) DEN Networks, its existing holding company.
In February, the FIPB also deferred Jasper lnfotech’s proposal. Jasper Infotech is the holding company of e-commerce company Snapdeal.
Macro Commerce, which is a joint venture between Jasper and DEN, owns and operates TV home shopping channel DEN Snapdeal Home Shopping TV Shop.
The channel is currently available on DEN, Reliance Digital TV, GTPL in Gujarat, Fastway (Punjab) and InDigital. It will be extended to other cable networks and DTH platforms in the coming six months.
The FIPB also deferred the proposal of Macmillan Publishers International, UK. The company had sought approval for foreign investment of up to 100% in a new company proposed to be incorporated in India.
Based on the recommendations of the FIPB in its 234th meeting held on 29 April 2016, the government has approved three FDI proposals involving FDI of Rs 60.73 crore (which includes post facto amount of Rs 0.25 crore), and recommended Axis Bank’s proposal involving FDI of Rs 12,973.14 crore for approval of Cabinet Committee on Economic Affairs (CCEA).