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Bloomberg finalizes its India operations
By agencies
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Thursday, 14 July 2005, 19:30 IST
MUMBAI: The business news and analysis provider, Bloomberg has announced its plan for India operations.
It is observed that Bloomberg LP, U.S., will charge its wholly-owned Indian subsidiary, to be set up in Mumbai, an annual fee of $3 million in the first year of operation and $1 million for TV programming and software production business.
According to the documents filed by the company with the Foreign Investment Promotion Board (FIPB), the Indian operation, is expected to initially have 50 employees, will also pay a fee of $2 million to the parent for technology collaboration.
It is learnt that Bloomberg will invest towards the equity capital of the Indian operation, which will produce TV programmes and deliver to one and more Indian channels authorized to telecast financial news in English.
Bloombergs application for setting shop in India is expected to get the FIPB nod as 100 percent foreign direct investment in TV software is automatically allowed in the extant policy.