NewsCorp subsidiary gets go ahead for stake in Space TV

Monday, 29 March 2004, 08:00 Hrs
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NEW DELHI: Plans of the United Arab Emirates-based subsidiary of NewsCorp Group to pick up equity stake in Mumbai-based Space TV Private Ltd was among 32 foreign direct investment (FDI) proposals approved by India Friday.

Worth 309.8 million, most of the proposals approved by Finance Minister Jaswant Singh did not involve any fresh investment inflow, official data showed.

Among the FDI proposals -- pertaining to sectors like chemicals and petrochemicals, manufacture and distribution of construction equipment, textiles and software development -- were two more that have links with the UAE.

For an undisclosed amount, the Network Digital Distribution Services FZ, a Dubai Media City-based Rupert Murdoch's NewsCorp Group company, has been allowed to take 20 percent foreign equity stake in Space TV.

The Indian company is planning to establish, maintain and operate a direct-to-home (DTH) platform for broadcast of channels in Ku band, including channels obtained from third parties.

It also plans to procure, import, supply, sell, distribute and install set-top boxes, dish antennas and noise block converters for its DTH operations, the finance ministry said.

Another Dubai Internet City-based company, MBI International FZ-LLC, was permitted to set up a wholly owned subsidiary for wholesale marketing of data storage products to distributors in India.

This will be through a network of warehouses and depots. The proposal would see an investment inflow of 24 million.

The largest 169 million proposal approved Friday was that of Mauritius-based investment company Indusind International Holdings Ltd for acquisition of equity shares from the secondary market.

A large number of shareholders in Indusind International Holdings are non-resident Indians based in the UAE.

The company plans to provide commercial banking and financial services in India in housing, media companies and insurance.

Source: IANS
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