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I&B Ministry clears 20% FDI in FM radio
By agencies
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Tuesday, 12 April 2005, 19:30 IST
NEW DELHI:Aimed at liberalizing the regime and attracting more broadcasters, the Information and Broadcasting Ministry has cleared 20 percent FDI for the private FM radio sector but stuck to the ban on news and current affairs programs.
Currently, FII investment up to 20 percent of the equity capital is allowed in any private FM radio company while FDI is not permitted.
"We have formalized the policy package for the private FM radio and sent it to various ministries for taking their views, before taking it to the Cabinet," Information and Broadcasting minister S Jaipal Reddy said.
The Minister said the Ministry has decided to limit the FDI level at the existing FII cap. "We hope to go to the Cabinet on the matter soon," he added.
However, he said the government was not open to the idea of allowing news and current affairs on private FM radio. "There are certain reservations, especially on the front on cross media ownership," he said.