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Ambarish Mukherjee

Initial foreign direct investment will be $3,50,000

New Delhi , Nov. 9

The Rupert Murdoch-controlled Fox Entertainment Group, part of News Corporation, has sought approval from the Foreign Investment Promotion Board (FIPB) to set up a 100 per cent subsidiary in India.

The company has informed the board that the initial foreign direct investment (FDI) would be $3,50,000, sources said.

The company, Fox Channels (India) Private Ltd, seeks to undertake television broadcasting business of non-news and current affairs channels.

Activities planned

According to the application filed with the board, the company's activities would include but not be limited to buying/licensing content, creation of in-house programming, aggregating content and making channels available to distribution platforms for onward distribution of viewers.

The company also proposes to set up relevant infrastructure for creating channel, pre-production, production and post-production facilities for content and storage of content.

The company has also stated that it will undertake and commence television broadcasting only after obtaining relevant licences from the Ministry of Information and Broadcasting, sources said.

Fox Channels (India) has already been incorporated. Now the parent company has sought approval for investing up to 100 per cent in the equity or preference share in the Indian company.

The company has also informed the board that the investment would flow in either through the parent company or through any of its subsidiaries or affiliate companies, including Fox International Channels (US) Inc, into the Indian company, sources said.

More Stories on : Overseas Investments | Foreign Direct Investment | Radio/TV

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