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FM radio firms need FIPB nod for 49% foreign investment
MUMBAI: FM radio broadcasters can have foreign investments up to 49% at the time of application for Phase III and currency of licence, the Ministry of Information and Broadcasting (MIB) has clarified.
The total direct and indirect foreign investment including portfolio should not exceed 49%, the MIB stated.
The approval of the Foreign Investment Promotion Board (FIPB) will be required for any existing or proposed foreign investment in the radio company.
The company will be required to disclose the status of such foreign holding and certify that the foreign investment is within the ceiling of 49% on a yearly basis.
The methodology of calculation of the direct and indirect foreign investments will be as per the extant policy of the government.
Reviewing the FDI policy, the government today amended the policy guidelines for Phase III announced on 24 November 2015.