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WSJ allowed to publish facsimile edition in India
Thursday, 12 February 2009, 23:22 IST
New Delhi: The leading global media house Dow Jones has been permitted to publish facsimile editions of its flagship Wall Street Journal and Wall Street Journal Asia in India, an official statement said Wednesday.
The information and broadcasting ministry said the newspapers will be brought out by Wall Street Journal India Publishing Private limited, a wholly owned subsidiary of Dow Jones and Company Inc, USA.
"The permission for foreign direct investment worth 
2.16 crore (21.6 million or $443,000) was given earlier," it said in a statement.
A blanket permission for facsimile editions of foreign newspapers and news and current affairs magazines had been granted by the cabinet last month.
The government had paved the way for facsimile editions of leading global media by formally notifying its decision to allow 100 percent foreign equity for publishers interested in publishing international dailies in India.
In the case of facsimile editions of foreign newspapers, 100 percent foreign equity was permitted with prior approval of the government - provided the investment is by the original foreign publisher.
The policy specifies that the publication can be undertaken only by an entity incorporated or registered in India under the provisions of the Companies Act, 1956.
In the case of Indian editions of foreign magazines that deal with news and current affairs, the guidelines issued recently permitted up to 26 percent foreign equity, inclusive of that by non-resident Indians and foreign funds.
Dow Jones' proposal to publish facsimile editions of newspapers in India had been rejected twice - the last time in November.
The US media giant, which publishes reputed newspapers and news magazines like the Wall Street Journal and the Far Eastern Economic Review, wants to set up a wholly owned subsidiary in India to produce the facsimile editions.
Source: IANS
2.16 crore (21.6 million or $443,000) was given earlier," it said in a statement.
A blanket permission for facsimile editions of foreign newspapers and news and current affairs magazines had been granted by the cabinet last month.
The government had paved the way for facsimile editions of leading global media by formally notifying its decision to allow 100 percent foreign equity for publishers interested in publishing international dailies in India.
In the case of facsimile editions of foreign newspapers, 100 percent foreign equity was permitted with prior approval of the government - provided the investment is by the original foreign publisher.
The policy specifies that the publication can be undertaken only by an entity incorporated or registered in India under the provisions of the Companies Act, 1956.
In the case of Indian editions of foreign magazines that deal with news and current affairs, the guidelines issued recently permitted up to 26 percent foreign equity, inclusive of that by non-resident Indians and foreign funds.
Dow Jones' proposal to publish facsimile editions of newspapers in India had been rejected twice - the last time in November.
The US media giant, which publishes reputed newspapers and news magazines like the Wall Street Journal and the Far Eastern Economic Review, wants to set up a wholly owned subsidiary in India to produce the facsimile editions.
Source: IANS