BBC to enter Indian FM Radio

By agencies   |   Thursday, 24 November 2005, 08:00 Hrs
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NEW DELHI: BBC Worldwide, a subsidiary of the British Broadcasting Corporation, has now finalized plans to establish its interests in the Indian FM radio industry.

BBC Worldwide is all set to pick up a 20 percent stake in Mumbai-based Radio Mid-Day West (India) Private Ltd. The British company has sought permission from the Foreign Investment Promotion Board for moving ahead with its investment plans.

Only last Thursday the Government notified its policy of allowing up to 20 percent FDI in FM radio. Earlier, only portfolio investments were allowed. BBC Worldwide has specified in its application that it would take only the FDI route for investing in Radio Mid-Day, officials said.

Sources said that, in the application, both the sides had informed that the pricing was being discussed between the two parties, and it was being calculated on the basis of the valuation norms prescribed by the RBI and had informed the Government that they are doing so.

Radio Mid-Day West is a 100 percent subsidiary of Mid-Day Multimedia that brings down the afternoon daily called Mid-Day in Mumbai and Delhi, and is one of the first Indian media companies to go public.

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