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FIPB defers Entrepreneur India’s proposal

MUMBAI: The Foreign Investment Promotion Board (FIPB) has deferred the proposal of Entrepreneur India Media for undertaking the additional business of publishing magazines.

The company has brought in foreign investment of Rs 2,50,000 under the automatic route and shares have already been allotted to the investor.

It requires government approval due to change in the main objects of the company, which is publishing of scientific and technical magazines.

This was the only proposal from the media sector before the FIPB, which had approved three proposals in its earlier meeting.