TV18 gets FIPB nod, to invest Rs 600 million in 3 regional biz channels

MUMBAI: Raghav Bahl-promoted TV18 is launching three regional business news channels – CNBC TV18 South, CNBC TV18 Gujarati and CNBC TV18 Channel 3.

TV18 plans to invest Rs 600 million towards these three channels, a senior executive in the company said. TV18 South will be a business channel in the southern languages while the regional language of Channel 3 is not yet firmed up.

TV18 has received Foreign Investment Promotion Board (FIPB) clearance, but has yet to decide whether to defer the launch because of the economic downturn, the executive added.

Vijay Television, part of the Star Group, has received FIPB permission to make downstream investment in a company engaged in uplinking a non news current affairs TV channel. Star recently announced a joint venture deal with Jupiter Entertainment Ventures to take majority stake in Asianet. As part of this deal, Vijay TV will come under Star Jupiter, the JV company which will hold stake in Asianet.

Star India has got the permission to to undertake uplinking and downlinking of channels and transfer of shares to non resident shareholders. There is no fresh inflow of cash.

However, proposals of Lokmat Newspapers, Mumbai and Dow Jones & Company, USA have been deferred. Lokmat had proposed to induct FDI in a company engaged in print media.

Besides it had sought permission to convert operating company into an operating cum holding company to make further downstream investment and allotment of additional shares pursuant to the scheme of demerger of the publication business.