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Star Den seeks FIPB nod

MUMBAI: Star Den Media Services, owned by Star India, has applied to the Foreign Investment Promotion Board (FIPB) seeking to change its business activities from providing services to broadcasters for placement of television channels to acting as an investing company.

The FIPB has rejected the proposal.

It may be recalled that Star India acquired joint venture partner Den Networks’ entire 50% stake in Star Den for Rs 40.35 crore (Rs 403.5 million).

FIPBIncidentally, Star India is looking to invest $5 billion more over the next three years. Star, a wholly owned subsidiary of 21st Century Fox, had made its additional investment announcement at the US-India Business Council’s (USIBC) Leadership Summit in Washington.

The Narendra Modi-led BJP government wants to attract foreign direct investments (FDI). On 20 June, the government launched a set of sweeping reforms relating to FDI, with the aim of promoting ease of doing business.

Meanwhile, the FIPB has deferred You Broadband India’s proposal to acquire 9,79,875 equity shares of its downstream company Digital Outsourcing Pvt Ltd (DOPL) in exchange for issue of 20,58,759 equity shares to its resident shareholders through swap of shares. DOPL was engaged in cable TV operations.

Incidentally, You Broadband, a cable broadband company, is being acquired by Vodafone India for Rs 400 crore (Rs 4 billion).

The FIPB has cleared the proposal of Macmillan Publishers International Ltd, entailing an investment of Rs 28.20 crore (Rs 282 million). The publishing company had sought approval for foreign investment of up to 100% in a new company, proposed to be incorporated in India.

The FIPB has, in fact, cleared four FDI proposals entailing investment of Rs 643 crore (Rs 6.43 billion). This includes Advanced Enzyme Technologies’ Rs 420 crore (Rs 4.20 billion) FDI proposal. Corona Remedies and Ordain Health Care Global also got the FIPB nod, entailing investment of Rs 118 crore (Rs 1.18 billion) and Rs 77.05 crore (Rs 770.5 million) respectively.